UK Markets closed

Schmolz + Bickenbach agrees to pay 12.3 mln euros to settle German probe

ZURICH, Nov 21 (Reuters) - Schmolz + Bickenbach has agreed to pay a fine of 12.3 million euros ($13.62 million) to settle allegations of anti-competitive practices in Germany, the embattled steelmaker said on Thursday.

Schmolz + Bickenbach made the out-of-court agreement with the German Federal Cartel Office following an investigation into alleged anti-trust issues, without giving further details.

Payment depends on the Swiss company raising money through a planned capital increase on Dec. 2, it added.

($1 = 0.9029 euros) (Reporting by John Revill)