The European Antitrust shines a light on the tire market, suspecting the existence of a "cartel" and "restrictive commercial practices" of competition between the giants of the tread industry, with the aim of artificially fixing and supporting prices .
The EU Commission, in a note, announced that it had launched surprise inspections at the offices of various companies in various EU countries.
As per practice, the names of the groups involved in the investigations were not given but one after the other Continental, Michelin, Bridgestone, Goodyear, Nokian and Pirelli confirmed that they had received a visit from Commission officials, accompanied by representatives of the national antitrust authorities .
The products under investigation are tires for cars, vans, trucks and buses sold in the European Economic Area.
"The Commission - we read in the note - fears that coordination on prices has been implemented between the inspected companies, also through public communications".
On the stock exchange, the stocks of the sector, which in the event of agreements restricting competition risk very high fines of up to 10% of global turnover, have paid the price: in a positive session for the European stock exchanges, Continental has lost 2.1% and Nokian has lost 4.4% while Pirelli and Michelin, which lost up to 4%, limited their declines at the end of the session, closing down by 0.7% and 0.8% respectively.
On Wall Street, Goodyear lost more than 2%.
"In confirming the correctness of its actions and that it has always acted in full compliance with all rules and regulations" Pirelli "is guaranteeing full support to the Authority in the context of the ongoing investigations", declared a spokesperson for Bicocca.
The Commission recalled that "unannounced inspections constitute a preliminary investigative phase in the event of suspected anti-competitive practices. The fact that the Commission carries out such checks does not mean that companies are guilty of anti-competitive behaviour, nor does it anticipate the judgment on the outcome of the investigation itself".
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