ERJ staff report (DS)
Midland, Michigan -- Dow Chemical has said it is not liable for the fines imposed by the EU on members of a polychloroprene cartel.
The company said that Dow and DuPont agreed in April 2004 that the corporate response to this competition investigation by the European Commission is being managed by DuPont. The two companies agreed in 2005, said Dow, that
The EC has fined DuPont 59.250 million euros. Of that amount, 48.675 million euros is for the activities of DDE. Dow said, "As announced between DuPont and Dow in 2004, DuPont agreed to fund 100 percent of any potential DDE antitrust liabilities and costs up to $150 million, with DuPont also funding more than 75 percent of the excess, if any. Consequently, Dow's share of this fine against DuPont is not material as to Dow. "
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Press release from Dow Chemical