Eni’s EU rubber cartel fine cut by 20%

ERJ staff report (BC)

Luxembourg – Eni SpA, Italy’s largest oil company, has been granted a 20 percent cut in a European Union fine for colluding on prices of a synthetic rubber used to make diving equipment, shoe soles and condoms, report Heather Smith and Stephanie Bodoni of Bloomberg.

The EU General Court in Luxembourg reduced the company’s fine to 106.2 million euros ($138.8 million) from 132.2 million euros. The legal reasoning behind the ruling was kept confidential at the parties’ request.

In December 2007 the European Commission,…

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