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Goldman, Prysmian Fined for Cable Cartel

Investment bank Goldman Sachs, the world's top cablemaker Prysmian, Nexans and eight cable firms were fined a total of 302 million euros ($416 million) by EU antitrust regulators on Wednesday for running a cartel.The power cable cartel ran for almost 10 years from 1999, with the companies sharing markets and allocating customers between themselves, the EU antitrust authority said.Prysmian received the biggest penalty at 104.6 million euros, which included a joint fine of 37.3 million euros with Goldman Sachs. The bank acquired the Italian company via one of its private equity funds in 2005 but has since sold its holding.Still, shares in Prymian rose more than 3 percent because the firm had set aside 199 million euros to pay the fine.The European Commission said other cartel members included Japanese cable firms Exsym Corporation, J-Power Systems Corporation and Viscas Corporation, Korean peer LS Cable & System and General Cable Corp via its subsidiary Silec."Part of this plan was to al...

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