Nordic pulp makers slide as EU's probing possible cartel activity in sector

Holmen AB

12/10/2021 13:05

** Shares in Nordic forestry companies fall in the afternoon
trade after the European Commision said it investigated forestry
companies over a potential cartel among pulp makers  urn:newsml:reuters.com:*:nL8N2R821D
    ** The EU competition enforcer did not name the companies,
which can be fined up to 10% of their global turnover if found
guilty of breaching EU rules
    ** Shares in UPM-Kymmene  UPM.HE  and Stora Enso  STERV.HE 
fall 4% both after the two companies said their premises had
been inspected by EU regulators  urn:newsml:reuters.com:*:nL8N2R82QM
    ** "Until we know more, we think most may simply assume
around 10% EBITDA risk", Jefferies says
    ** European basic resources index  .SXPP  slides 1.6% 
    ** Shares in Swedish forestry groups Svenska Cellulosa
 SCAb.ST  and Holmen  HOLMb.ST , which told Reuters they had not
been contacted by the European Commission, are down 2.3% and
0.3% respectively  urn:newsml:reuters.com:*:nS3N2LE02M urn:newsml:reuters.com:*:nS3N2LE02N
    
    

 (Reporting by Boleslaw Lasocki)
 ((boleslaw.lasocki@tr.com))