Clariant rejects 2 billion euro damages claim

Clariant Denies €2 Billion Damages Claim from BP and ExxonMobil

Overview of the Damages Claim

(Reuters) -Swiss specialty chemicals maker Clariant has rejected allegations from BP Europe and an ExxonMobil subsidiary who are seeking damages for breaching competition law in the ethylene purchasing market.

Details of the Allegations

Clariant was one of four companies which have received claims for damages totalling 1.96 billion euros ($2.30 billion) which have been lodged with courts in Munich and Dortmund, the company said.

Clariant's Defense Strategy

"Clariant firmly rejects the allegations and will adamantlydefend its position in the proceedings," the company said.

Implications for the Market

"Clariant has substantiated economic evidence that the conduct of the parties did not produce any effect on the market," it added.

($1 = 0.8532 euros)

($1 = 0.8535 euros)

(Reporting by Simon Ferdinand Eibach, editing by John Revill)