DOW Chemical loses the EUR64.57 million (US$84.5 million) appeal against the antitrust fine levied against it in relation to a rubber cartel.
The EU Court of Justice in Luxembourg rejected arguments that the company should not be liable for the actions of subsidiaries more than 10 years ago.
The commission, the 27-naton EU’s antitrust regulator in November 2006 fined five companies EUR519 million for rigging prices of synthetic rubber in a cartel that lasted from at least 1996 to 2002. Bayer AG (BAYN) escaped a fine after it tipped off the EU about the cartel, according to a report from Bloomberg.
Dow expressed disappointment in the ruling, saying that it did not participate in any unlawful conduct.