December 20, 2013 / 3:55 PM / 5 years ago

Schaeffler sets aside 380 mln euros for potential antitrust fines

FRANKFURT, Dec 20 (Reuters) - German engineering group Schaeffler IPO-SHF.F will set aside 380 million euros ($519.4 million) in provisions for potential fines related to a European Union antitrust investigation, the company said on Friday

In 2011 the European Commission, the executive body that oversees competition policy, said it had raided ball-bearing makers as part of an investigation into possible anti-competitive behaviour.

Schaeffler said it is still cooperating with authorities.

“The investigation concerns alleged contacts among competitors concerning the sale of bearings for automotive applications in Europe,” Schaeffler said, adding that the provisions will be booked in the fourth quarter. ($1 = 0.7316 euros) (Reporting by Edward Taylor; Editing by David Goodman)

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