NSG's Pilkington loses challenge to 357 mln euro EU cartel fine

Nippon Sheet Glass

17/12/2014 13:11

BRUSSELS, Dec 17 (Reuters) - Glass producer Pilkington, a 
unit of Japan's Nippon Sheet Glass Co (NSG)  5202.T , lost its 
challenge on Wednesday to a 357 million euro ($445 million) 
cartel fine after a top EU court said regulators had come up 
with the correct sanction. 
    Pilkington, Saint-Gobain  SGOB.PA  and two other companies 
were hit with a 1.35 billion euro fine by the European 
Commission in 2008 for fixing prices and sharing markets over a 
five-year period starting from 1998. 
    British-based Pilkington, acquired by NSG in 2006, 
challenged the ruling at the Luxembourg-based General Court of 
the European Union, asking judges to annul the finding and to 
cut the fine. 
    Judges at Europe's second-highest court were not convinced 
by its arguments. 
    "The Commission did not overstate Pilkington's participation 
in the cartel and correctly applied EU law in converting that 
undertaking's turnover (denominated in pounds sterling) into 
euros," the court said. 
    "The fine appears proportionate and adequate." 
    Companies can appeal to the Court of Justice of the European 
Union, Europe's top tribunal, but only on points of law. 
    ($1 = 0.8027 euros) 
 
 (Reporting by Foo Yun Chee; editing by Keith Weir) 
 ((foo.yunchee@thomsonreuters.com)(+32 2 287 6844)(Reuters 
Messaging: foo.yunchee.thomsonreuters.com@reuters.net)) 
 
Keywords: EU PILKINGTON/ANTITRUST