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German carmakers may face 'very high' cartel fines: EU's Vestager

Published 08/31/2017, 04:08 AM
Updated 08/31/2017, 04:10 AM
© Reuters. FILE PHOTO: EU Competition Commissioner Vestager holds a news conference in Brussels
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FRANKFURT (Reuters) - German carmakers could face "very high" fines if suspicions of collusion prove true in court, European Union Competition Commissioner Margrethe Vestager told Business Insider.

But she said it was too soon to speculate on "the extent of possible sanctions and the timing of an EU Commission decision", the online business news site cited her as saying.

European Union and German antitrust regulators are investigating whether VW, Porsche, Audi. BMW and Mercedes-Benz owner Daimler held meetings to discuss suppliers, prices and standards to the disadvantage of foreign carmakers.

© Reuters. FILE PHOTO: EU Competition Commissioner Vestager holds a news conference in Brussels

Referring to EU competition moves against Google (NASDAQ:GOOGL) and Facebook (NASDAQ:FB), Vestager said: "I don't see a major difference between the business practices of American tech companies and those of German carmakers."

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