02 September 2010 17:40 [Source: ICIS news]
TORONTO (ICIS)--Praxair on Thursday rejected allegations by Brazilian authorities of anti-competitive activities.
“Praxair and White Martins are shocked by the fine and absolutely reject all claims, including the allegation that White Martins is a repeat offender,” Praxair said.
White Martins is the leading industrial gases company in
“Praxair strongly believes that the allegations of anticompetitive activity against our Brazilian subsidiary are not supported by valid and sufficient evidence,” it added.
“We further believe that the fine represents a gross and arbitrary disregard of Brazilian law.”
Praxair added that it was confident it would have the fine overturned on appeal.
Analysts at a German bank, Bankhaus Lampe, said the case involved total fines of reais 2.94bn against five industrial gases companies.
Brazilian authorities alleged that the firms had engaged in price-fixing and market sharing, the bank said, citing an industry report from
($1 = R1.73)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections