Continental, Michelin, Nokian Tyres and Pirelli raided by EU antitrust regulators

Brussels, Belgium – Reuters reports that tire manufacturers Pirelli, Continental, Michelin and Nokian Tyres were raided by EU antitrust regulators as part of an investigation into a possible cartel.

The European Commission, which acts as competition enforcer in the 27-country European Union, said it had raided a number of tire makers in several EU countries. It did not provide further details, in line with its policy on such matters.

“Pirelli informs that it is guaranteeing full support to the authority in the ongoing investigations,” a spokesman for the Milan-based company said.

German rival Continental confirmed that investigations by European antitrust authorities were taking place at the company’s offices in Germany.

France’s Michelin said it was included in the EU investigation and that it strictly complies with competition rules.

Nokian Tyres, meanwhile, said its headquarters in Finland were raided and that it was co-operating with the EU authority.

Pirelli shares were down as much as 3.8 per cent before being briefly suspended from trading. Michelin fell 2.9 per cent and Continental was down 3.5 per cent.

The EU watchdog said products related to the inspections were new replacement tires for passenger cars, vans, trucks and buses sold in the European Economic Area comprising EU countries, Norway, Iceland and Liechtenstein.

It said the raided companies may have breached EU rules against cartels.

“The Commission is concerned that price co-ordination took place amongst the inspected companies, including via public communications,” the EU executive said in a statement.