Tire manufacturers Pirelli, Continental, Michelin and Nokian targeted in EU raids [Globe and Mail, The (Toronto, Canada)]
NOKIAN TYRES PLC UNSP/ADR (NKRKY)
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Source: Globe and Mail, The
Tuesday as part of an investigation into a possible cartel, sending their shares down. 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 co-operating with the EU authority. Pirel
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