Financial Services Industry
Industry: Email Alert RSS FeedICI faces Cartel fine.
Investors Chronicle, June, 2006
The European Commission is to fine ICI GBP63m for price-fixing. A group of chemical companies, including ICI, BASF and Arkema, were investigated for allegedly price-fixing methacrylate, a material used to make resins and plastics, in the 1990s. ICI will now make a provision for the fine in its half-year results, but could appeal the decision.
There has also been speculation this week that Uniqema, ICI's surfactants division which is up for sale, is attracting interest from Brazil's Ultrapar and Croda.
At 359p, the shares are high enough following a strong rise this year.
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