Clariant Rejects $1.3B Dow Europe Competition Law Claim Over Ethylene Market
Clariant's Response to Dow Europe's Damages Claim
Overview of the Damages Claim
July 17 (Reuters) - Clariant said on Friday it is rejecting a 1.1 billion euro ($1.26 billion) damages claim from Dow Europe filed against four companies for alleged competition law infringement in the ethylene purchasing market.
Previous Claims and Fines in the Ethylene Market
Similar Claims from Other Companies
The Swiss specialty chemicals makers in the past has received similar claims from OMV, BASF and TotalEnergies.
European Commission Fine in 2020
In 2020, the European Commission 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.
Clariant's Position and Legal Proceedings
Clariant's Statement on the Allegations
"Clariant firmly rejects the (Dow Europe's) allegation and will adamantly defend its position in the proceedings," the company said in its statement. The claim was filed with the court of Dortmund in Germany, it added.
Dow Europe's Response
Dow Europe couldn't be immediately reached for a comment outside regular business hours.
Details on Other Companies Involved
Clariant did not name the other companies in its statement. However, it added that it has "substantiated economic evidence that the conduct of the parties did not produce any effect on the market."
Exchange Rate Information
($1 = 0.8744 euros)
Reporting Credits
(Reporting by Kanjyik Ghosh in Barcelona; Editing by Vijay Kishore)
