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. The investigations took place unannounced.
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. The Brussels authority did not name the company.