BERLIN (Reuters) -Clariant said it would defend itself against a claim from German rival BASF seeking 1.4 billion euros ($1.4 billion) in damages from a group of companies, including Clariant, fined
Clariant to Contest BASF's €1.4 Billion Ethylene Damage Claim
BERLIN (Reuters) -Clariant said it would defend itself against a claim from German rival BASF seeking 1.4 billion euros ($1.4 billion) in damages from a group of companies, including Clariant, fined by the EU for colluding in the purchase of ethylene before 2020.
Clariant was served with a claim targeting four companies on Jan. 9, the Swiss chemicals group said in a statement issued late on Monday.
The European Commission in 2020 fined Clariant, Mexico's Orbia and U.S. group Celanese a total of 260 million euros for colluding to keep the price of ethylene purchases low, breaching European Union antitrust rules.
The EU Commission said at the time that Westlake also took part in the purchasing cartel but was spared a fine because it revealed the activities to the Commission.
Clariant said it had evidence that the conduct of the parties did not have any effect on the market.
"Clariant firmly rejects the allegation and will adamantly defend its position in the proceedings," it added.
BASF did not respond to an emailed request for comment.
A Clariant spokesperson confirmed that BASF's claims were directed at the four companies and that there would have to be a separate decision on how any compensation payment is to be distributed among them once there is a legally valid verdict.
The other companies did not immediately respond to requests for comment.
BASF's claim was filed with a Munich court, alleging damages from infringements of EU competition rules in the 2020 case, according to Clariant.
Clariant shares were down 1.5% as of 1300 GMT.
The EU Commission also said in 2020 that the four companies acknowledged their involvement in the cartel and agreed to settle the case.
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(Writing by Rachel More and Ludwig Burger; editing by Jason Neely, Miranda Murray and Emelia Sithole-Matarise)
