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| | Solvay considers appealing EC decision on Peroxygen competition case |
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date: May 4th 2006 11:59
Solvay was informed today about a European Commission decision to impose a fine in the aggregate of EUR 193 million on the Solvay Group in relation with a cartel in the peroxygen sector in the European Union, dating back to the end of the nineties.
The amount includes EUR 26 million for Solvay Solexis SA (Ausimont SpA before 2002), jointly and severally with Edison SpA.
The reserves constituted in 2004 and 2005 on the basis of our understanding of the European Commission’s statement of objections cover the amount of the fine. Consequently the fine will not affect the Q1 06 results that will be announced on May 9th 2006, nor 2006 results as a whole.
Solvay has been actively co-operating with the European Commission in the course of its enquiry. Despite the frankness of its timely co-operation with the Commission, the Group believes that the sanction does not seem to integrate appropriately the arguments put forward by Solvay. Consequently, Solvay considers the fine as excessive and will analyze the decision with the intention to challenge it before the EU Tribunal of first instance in Luxembourg.
This situation results from reprehensible behaviour of some individuals and is in contradiction with the rules and policies of the Group and its Board. Solvay condemns illicit cartels and is committed to healthy competition. Solvay has reinforced its internal compliance program aimed at ensuring complete conformity with competition law.
article 'Solvay considers appealing EC decision on Peroxygen competition case' source is Solvay S.A, visit source site:
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