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BAYERISCHE MOTOREN WERKE

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Daimler sues SKF in wake of EU competition settlement

07/04/2017 | 03:33am EDT
Daimler AG sign is pictured at the IAA truck show in Hanover

STOCKHOLM (Reuters) - Sweden's SKF (>> SKF) said on Tuesday it was being sued by German automaker Daimler AG (>> Daimler) in the wake of a 2014 EU settlement for violations of competition rules in the European bearings industry.

STOCKHOLM (Reuters) - Sweden's SKF (>> SKF) said on Tuesday it was being sued by German automaker Daimler AG (>> Daimler) in the wake of a 2014 EU settlement for violations of competition rules in the European bearings industry.

European Union antitrust regulators in March 2014 fined SKF and several other suppliers a total of 953 million euros ($1.08 billion) for taking part in a ball bearings cartel.

The settlement left European carmakers eyeing possible legal action. In November last year, SKF said German automaker BMW (>> Bayerische Motoren Werke) had opened a lawsuit against the Swedish company and other bearings makers.

"Daimler requests payment from SKF in the amount of at least EUR 59 million plus interest and reimbursement of costs," SKF said in a statement.

"SKF strongly believes that the activities sanctioned by the European Commission have not caused any damage to its business partners."

SKF, whose shares eased 0.9 percent versus a 0.5 percent decline in the Stockholm bourse's blue chip index <.OMXS30>, said Daimler had filed the lawsuit with Landgericht Nurnberg-Furth in Germany.

(Reporting by Niklas Pollard and Johan Ahlander, editing by Louise Heavens)

Stocks treated in this article : Bayerische Motoren Werke, Daimler, SKF

ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AB SKF -0.39% 227.8 Delayed Quote.7.22%
ALCON INC. 1.15% 66.72 Delayed Quote.12.17%
BAYERISCHE MOTOREN WERKE AG 1.11% 73.2 Delayed Quote.31.16%
DAIMLER AG 2.11% 76.85 Delayed Quote.30.26%
SWEDEN OMXS 30 0.54% 2382.667561 Real-time Quote.26.41%
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Norbert Reithofer Chairman-Supervisory Board
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