Scania: EU fines group 880 million euros.
(CercleFinance.com) - The European Commission has found that Scania has violated the EU rules on cartels.
Over fourteen years, the company agreed with five other truck manufacturers on truck selling prices. The Commission has therefore fined Scania a total of 880,523,000 euros.
Unlike the other five participants (MAN, DAF, Daimler, Iveco and Volvo/Renault), Scania has decided not to close the transaction in this case.
Commissioner for Competition, Margrethe Vestager, said: “This cartel affected very substantial numbers of road hauliers in Europe, since Scania and the other truck manufacturers in the cartel produce more than 9 out of every 10 medium and heavy trucks sold in Europe. These trucks account for around three quarters of inland transport of goods in Europe and play a vital role in the European economy. Instead of colluding on pricing, the truck manufacturers should have been competing against each other - also on environmental improvements."
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Over fourteen years, the company agreed with five other truck manufacturers on truck selling prices. The Commission has therefore fined Scania a total of 880,523,000 euros.
Unlike the other five participants (MAN, DAF, Daimler, Iveco and Volvo/Renault), Scania has decided not to close the transaction in this case.
Commissioner for Competition, Margrethe Vestager, said: “This cartel affected very substantial numbers of road hauliers in Europe, since Scania and the other truck manufacturers in the cartel produce more than 9 out of every 10 medium and heavy trucks sold in Europe. These trucks account for around three quarters of inland transport of goods in Europe and play a vital role in the European economy. Instead of colluding on pricing, the truck manufacturers should have been competing against each other - also on environmental improvements."
Copyright (c) 2017 CercleFinance.com. All rights reserved.