Clariant to fight 1.4-B euro ethylene lawsuit from BASF
Swiss chemicals group Clariant said it will defend itself against a claim from German rival BASF seeking 1.4 billion euros ($1.44 billion) in damages over allegations that it broke competition law in the ethylene purchasing market.
Clariant was served with a claim targeting four companies, of which it is one, on Jan. 9, it said in a statement issued late on Monday.
The claim, filed with a Munich court, alleges damages in relation to infringements of competition law on the ethylene purchasing market which was sanctioned by the European Commission in July 2020, according to Clariant.
"Clariant firmly rejects the allegation and will adamantly defend its position in the proceedings," it said, adding that it had evidence that the conduct of the parties did not produce any effect on the market.
BASF did not respond to an emailed request for comment.
Clariant's statement did not name the other companies involved.
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