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DAIMLER TRUCK HOLDING AG

(DTG)
  Report
Real-time Estimate Tradegate  -  04:23 2022-10-05 am EDT
24.29 EUR   -1.99%
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Refuse trucks were in cartel, EU court rules in Daimler damages case

08/01/2022 | 05:02am EDT
FILE PHOTO: Daimler AG sign is pictured at the IAA truck show in Hanover

BRUSSELS (Reuters) - Refuse collection trucks were included in a European truck cartel the European Commission fined in 2016, the top EU court ruled on Monday, opening the door to claims from buyers of these vehicles.

The case was referred to the EU court related to a claim in 2016 for damages by the German district of Northeim against Daimler over two refuse trucks it bought in 2006 and 2007.

The claim followed the European Commission's 2.93 billion euro ($3.00 billion) fine for truck producers, including Daimler, for participating in a cartel.

Daimler argued that refuse collection trucks were not covered by the Commission's cartel finding because they are specialised vehicles, which an EU request for information in excluded.

The Court of Justice of the European Union said the request for information did not define the products covered by anti-competitive conduct.

"The decision of the European Commission ... must be interpreted as meaning that specialised trucks, including household refuse collection trucks, fall within the scope of the products covered by the cartel found in that decision," court said at the end of its ruling.

($1 = 0.9764 euros)

(Reporting by Philip Blenkinsop, Editing by Louise Heavens)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER TRUCK HOLDING AG -1.13% 24.495 Delayed Quote.-23.24%
MERCEDES-BENZ GROUP AG -2.49% 53.63 Delayed Quote.-18.63%
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Financials
Sales 2022 48 467 M 48 303 M 48 303 M
Net income 2022 2 455 M 2 447 M 2 447 M
Net Debt 2022 9 077 M 9 046 M 9 046 M
P/E ratio 2022 7,93x
Yield 2022 4,18%
Capitalization 20 397 M 20 328 M 20 328 M
EV / Sales 2022 0,61x
EV / Sales 2023 0,56x
Nbr of Employees 103 386
Free-Float 56,9%
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Number of Analysts 8
Last Close Price 24,79 €
Average target price 37,00 €
Spread / Average Target 49,3%
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Managers and Directors
Martin Daum Chairman-Management Board
Jochen M. Goetz CFO & Member-Management Board
Josef Kaeser Chairman-Supervisory Board
Michael Brosnan Member-Supervisory Board
Michael Brecht Deputy Chairman-Supervisory Board
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