Financial Services Industry
Industry: Email Alert RSS FeedAugust proves cruelest month for ICI.
Investors Chronicle, August, 2005
August hasn't been kind to ICI. Last week, finance director Tim Scott died suddenly from a heart attack aged just 43. This week, ICI, Degussa and BASF have been charged by the European Commission with operating a price-fixing cartel in the European methacrylates industry between 1995 and 2003. Specifically, the charges relate to ICI's former acrylics business, sold in 1999.
Under European Union law the fines could be up to 10 per cent of the companies' annual sales. The shares are high enough.
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