EU regulators fine Scania 880 million euros for truckmakers cartel

EU regulators fine Scania 880 million euros for truckmakers cartel

The logo of Swedish truck maker Scania is pictured at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer
BRUSSELS: EU antitrust regulators fined German carmaker Volkswagen unit Scania 880 million euros (US$1.03 billion) on Wednesday for taking part in a truckmakers cartel which resulted in a record 2.9-billion-euro fine for four companies in July.The European Commission said Scania colluded for 14 years with the other cartel members on truck pricing and on passing on the costs of new technologies to meet stricter emission rules.Volkswagen's MAN, Daimler, Volvo, Iveco and DAF admitted to taking part in the cartel in return for a 10 percent cut in their fines. Scania did not settle.(Reporting by Foo Yun Chee, editing by Julia Fioretti)
Source: Reuters