UK markets open in 3 hours 38 minutes
  • NIKKEI 225

    23,596.49
    -74.64 (-0.32%)
     
  • HANG SENG

    24,562.74
    +20.48 (+0.08%)
     
  • CRUDE OIL

    40.48
    -0.35 (-0.86%)
     
  • GOLD FUTURES

    1,906.10
    -5.60 (-0.29%)
     
  • DOW

    28,195.42
    -410.89 (-1.44%)
     
  • BTC-GBP

    9,023.99
    +484.21 (+5.67%)
     
  • CMC Crypto 200

    238.12
    +4.45 (+1.91%)
     
  • ^IXIC

    11,478.88
    -192.67 (-1.65%)
     
  • ^FTAS

    3,311.77
    -13.90 (-0.42%)
     

EU fines German car parts makers 18 million euros for cartels

·1-min read

BRUSSELS (Reuters) - The European Commission said on Tuesday that it had fined German car parts makers Brose and Kiekert a combined 18 million euros (16.33 million pounds) for taking part in two cartels.

Brose took part in a cartel with Canada's Magna <MG.TO> in the supply of door modules and window regulators for certain Daimler <DAIGn.DE> group cars. Magna and Kiekert formed a cartel concerning latches and strikers to BMW <BMWG.DE> and Daimler group.

Magna was not fined as it revealed both cartels to the Commission.

The car parts suppliers coordinated pricing behaviour and exchanged commercially sensitive information to preserve their existing businesses and keep prices up.

The Commission, which oversees competition policy in the 27-member European Union, has conducted a series of major investigations into auto parts makers since 2013, imposing a total of 2.17 billion euros in fines.

(Reporting by Philip Blenkinsop)