euro adhoc: Klöckner & Co SE
Justice/Processes
French anti-trust authority
fines subsidiary of Klöckner & Co
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
Litigation & Regulations
16.12.2008
Duisburg, December 16, 2008 - The French anti-trust authority (DGCCRF) announced today that it has imposed fines totaling almost EUR600 million on French steel distributors. KDI SAS (a subsidiary of Klöckner & Co SE) was fined EUR169 million. The companies were accused of taking part in anti-competitive price-fixings in France from 1999 to 2004. Contrary to its previous practice, the French anti-trust authority obviously used global sales of Klöckner & Co as the basis for the calculation of the fine, even though the violations were committed exclusively by the French subsidiary, KDI SAS, and only affected the French market. For this reason, KDI SAS will appeal the fine with the aim of significantly reducing the amount and of obtaining a suspension of payment until a final judgment has been rendered.
The fine will negatively impact the 2008 group results of Klöckner & Co SE by a total of EUR79 million. Reserves had been made in the amount of EUR20 million. In addition, Klöckner & Co possesses a compensation claim totaling EUR70 million towards the former owners of the Klöckner & Co group resulting from the sale of the group to today´s Klöckner & Co SE in 2005.
Issuer: Klöckner & Co SE, Am Silberpalais 1, D 47057 Duisburg ISIN: DE000KC01000; WKN: KCO0100 Listed: Amtlicher Markt / Prime Standard; Frankfurter Wertpapierbörse Further information can be obtained on the webpage of Klöckner & Co: www.kloeckner.de
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Peter Ringsleben - Corporate Communications
Phone: +49-203-307-2800
E-mail: peter.ringsleben@kloeckner.de
Claudia Uhlendorf - Corporate Communications
Phone: +49-203-307-2289
E-mail: claudia.uhlendorf@kloeckner.de
Dr. Thilo Theilen - Investor Relations
Phone: +49-203-307-2050
E-Mail: thilo.theilen@kloeckner.de
Branche: Metal Goods & Engineering
ISIN: DE000KC01000
WKN: KC0100
Index: MDAX, CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade
Original content of: Klöckner & Co SE, transmitted by news aktuell