Autoliv makes $210 million accrual for European cartel investigation
06/12/2018 07:30
STOCKHOLM, Dec 6 (Reuters) - Swedish auto safety gear maker
Autoliv ALIVsdb.ST ALV.N said on Thursday it would make a
$210 million accrual in the fourth quarter to cover a fine it
believes the European Commission (EC) will impose over a
long-running cartel investigation.
Autoliv, the world's largest airbag maker, has since 2011
been subject to an investigation of anti-competitive behaviour
among suppliers of occupant safety systems in the European
Union.
The company paid a 8.1 million euro fine in the first
quarter this year related to a smaller part of the
investigation, completed by the commission in November 2017.
urn:newsml:reuters.com:*:nB5N1JD00P
"Management now has reason to believe that the EC will seek
to impose a fine in connection with the remaining portion of the
EC investigation," Autoliv said in a statement.
"According to management's best estimation and based on the
advice of our legal counsel, the company will accrue $210
million in the fourth quarter of 2018 in connection with the
remaining portion of the EC investigation."
Autoliv said it believed a fine could be issued in the first
half of 2019, but noted that may be delayed.
(Reporting by Johannes Hellstrom; Editing by Simon Johnson)
((johannes.hellstrom@thomsonreuters.com; +4687001008; Reuters
Messaging: johannes.hellstrom.reuters.com@reuters.net))