Pirelli, Continental, Michelin and Nokian raided by EU antitrust regulators [Yahoo! Finance]
NOKIAN TYRES PLC UNSP/ADR (NKRKY)
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Source: Yahoo! Finance
The European Commission, which acts as competition enforcer in the 27-country European Union, said it had raided a number of tire makers in several EU countries. It did not provide further details, in line with its policy on such matters. Italian company Pirelli told Reuters it had acted fairly and "always in total compliance with all rules and regulations". "Pirelli informs that it is guaranteeing full support to the authority in the ongoing investigations," a spokesman for the Milan-based company said. German rival Continental confirmed that investigations by European antitrust authorities were taking place at the company's offices in Germany. France's Michelin said it was included in the EU investigation and that it strictly complies with competition rules. Nokian Tyres, meanwhile, said its headquarters in Finland were raided and that it was cooperating with the EU authority. Pirelli shares were down as much as 3.8% before being briefly suspended from trading. Michelin
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