Germany's Daimler puts aside $748 million for EU antitrust case with commercial vehicle makers

IndustriesAssociated Press

Daimler AG says it's booking a 600 million-euro ($748 million) charge related to European Union antitrust proceedings against commercial vehicle makers.

Daimler said Thursday it's increasing a provision first made in 2011 to deal with the investigation by the EU's executive Commission after reviewing documents on which Brussels based its accusations, which it didn't detail. The charge will be booked in the current quarter.

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The company says it is cooperating with authorities but will "safeguard its rights" and is reviewing procedural options.

Daimler said its forecast that pre-tax earnings from ongoing business will increase significantly this year is unchanged. Daimler shares were up 1.7 percent at 68.35 euros on a day when stocks were broadly higher.