Pirelli said on Wednesday it would appeal a decision by EU authorities which charged the Italian tyremaker with parental liability in regards to a cable cartel in which its former subsidiary Prysmian is alleged to have participated.
The European Union antitrust regulator fined investment bank Goldman Sachs, the world's top cablemaker Prysmian, Nexans and eight cable firms a total of 302 million euros ($416 million) on Wednesday for breaking competition rules.
Continue Reading Below
"Pirelli firmly believes that there are no grounds to charge it with "parental liability" and that, as it was not involved in the alleged wrongdoing of its former subsidiary, the ultimate full responsibility for the violation (and for the payment of the fine), if any, will lie only with the company directly involved in the alleged infringement," it said in a statement.
Pirelli added it did not expect any financial impact from the Commission's decision.
Separately, Prysmian said it would appeal against the fine, calling the decision by European authorities "unlawful".
(Reporting by Agnieszka Flak, editing by Stephen Jewkes)