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EU: Volvo predicts big fines from EC trucking probe

By  |  November 26, 2014

Volvo has reportedly made a provision of $497 million after evaluating the European Commission’s findings of alleged anticompetitive conduct by the company as authorities continue their investigation into the trucking industry.

The company, which is the world’s second-largest truck-maker, noted that the provision will put a dent in fourth-quarter operating income; but Volvo added in its announcement that discussions with authorities are still at an early age and there are various factors at play that could impact how much Volvo could have to pay the Commission.

The EU is investigating several truck-makers for alleged bid-rigging and price-fixing among competing truck companies, say reports. The investigation is also looking at Volkswagen-owned MAN, Daimler and DAF Trucks.

Full content: Bloomberg

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