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Environment

EC fines firms for fixing rubber prices

December 4, 2006 | A version of this story appeared in Volume 84, Issue 49

The European Commission has fined five companies a total of $680 million for participating in a cartel to fix the prices of butadiene rubber and emulsion styrene-butadiene rubber between 1996 and 2002. Italy's Eni was hit with the biggest fine, $357 million, followed by Shell at $212 million. Dow Chemical had its fine reduced 40% to $85 million for some degree of cooperation. The Czech firm Unipetrol and the Polish trader Trade-Stomil received smaller fines. Bayer was in the cartel but received immunity for bringing it to light. The EC says the overall fine is the second largest it has imposed in a cartel case after the $1.1 billion it levied against vitamin producers in 2001. Eni says it rejects the charges and may appeal.

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