Leoni drops on Germany's federal cartel office investigations

Leoni AG

19/01/2022 07:58

** Shares in Leoni  LEOGn.DE  fall 3.4% in premarket trade
after the German car parts maker said Germany's federal cartel
office was investigating suspicions that cable manufacturers
could have coordinated the calculation of the industry-standard
metal surcharges in Germany  urn:newsml:reuters.com:*:nFWN2TY1E8'
    ** The co said its cooperating with authorities and will
investigate allegations
    ** "Could be a serious threat for the debt burdened company"
a local trader notes
    ** The trader adds that on the other side investor Pierer
might use low share price to increase its stake 
    ** In April, Austrian entrepreneur Stefan Pierer raised his
stake in Leoni to 15% via the investment company Pierer
Industrie  urn:newsml:reuters.com:*:nL8N2M619Z

 (Reporting by Linda Pasquini)
 ((Linda.pasquini@thomsonreuters.com))