Clariant rejects Dow Europe's $1.3 billion competition law claim
Clariant's Response to Dow Europe's Damages Claim
(Corrects typographical error in paragraph 2)
Details 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 Similar Claims
The Swiss specialty chemicals maker in the past has received similar claims from OMV, BASF and TotalEnergies.
Dow Europe's Allegations
In a statement to Reuters, Dow said it had filed a claim to recover "significant losses" suffered by its European business, alleging the defendants' anti-competitive conduct depressed ethylene prices.
Background: European Commission Fine
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 Defense and Position
"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.
Unnamed Companies and Economic Evidence
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 and Tasim Zahid)
