Specialty chemicals company Clariant AG (CLZNY.PK) announced that it was served with a claim for damages on January 9 against four companies, including Clariant, from German chemical company BASF (BFA.L,BASFY.PK) with the court of Munich, Germany, related to 2020 competition law infringement.
The claim alleges damages amounting to 1.4 billion euros in relation to infringements of competition law on the ethylene purchasing market which was sanctioned by the European Commission in July 2020.
Clariant noted that it firmly rejects the allegation and will adamantly defend its position in the proceedings.
The company said it has substantiated economic evidence that the conduct of the parties did not produce any effect on the market.
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