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New Continental headquarters in Hanover: Unannounced visit from the investigators
Photo: Julian Stratenschulte / dpa
EU antitrust authorities have carried out raids on several tire manufacturers in some member states, including Continental. The Hanover-based DAX group confirmed that investigations by European antitrust authorities have been taking place at the group in Germany since Tuesday. The company did not want to comment further, citing the ongoing proceedings.
The European Commission in Brussels said there was an initial suspicion that several companies in the tire replacement business for cars, vans, trucks and buses may have agreed on prices and thus violated competition guidelines. The investigations took place unannounced. The Brussels authority did not name the company.
Continental shares lost noticeably in value after the raid became known. The share price was recently more than three percent below the previous day's value. The shares of Michelin and Pirelli, two other European tire manufacturers, each cost around two percent less than the day before.
fdi/dpa