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Nippon Sheet Declines on EU Fines for Auto Glass Price-Fixing

Post Time:Jun 25,2008Classify:Company NewsView:428

Nippon Sheet Glass Co., the world´s largest maker of car windows, fell the most in a month in Tokyo trading as European regulators may fine the company and its rivals for price-fixing as early as next month.

The shares fell 3.6 percent to 485 yen as of 10:26 a.m. on the Tokyo Stock Exchange, the biggest decline since May 23. Tokyo-based Nippon Sheet was the third-largest decline in Japan´s benchmark Nikkei 225 Stock Average.

Nippon Sheet´s Pilkington unit, Asahi Glass Co. and Cie. de Saint-Gobain SA will be fined by the European Commission, the EU´s antitrust authority, as soon as July 16, said three people, who can´t be identified because the draft decision isn´t public.

Pilkington, Asahi Glass, Saint-Gobain and Guardian Industries Corp. were fined a total of 487 million euros ($756 million) in November for participating in a separate cartel to set the prices of glass used in the construction industry.

Source: Nippon Sheet Glass CoAuthor: admin

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