Swiss specialty chemicals manufacturer Clariant announced on Tuesday that it has been served with a lawsuit by German giant BASF, claiming 1.4 billion euros in damages for colluding to fix prices on the ethylene market.

The claim for damages, filed with the Munich District Court against Clariant and three other industry players, relates to a sanction handed down in 2020 by the European Commission.

At the time, Brussels fined Clariant, accusing it of fixing purchase prices with other competitors on the Belgian, German, French and Dutch markets.

In a press release, Clariant firmly rejects BASF's allegations and intends to defend its position firmly, assuring that it has the evidence to show that its behavior and that of the other parties involved had no effect on the market.

Following this announcement, Clariant shares were down 0.6% on Tuesday morning on the Zurich stock exchange.

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