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    European truck makers fined billions for price fixing

    July 21, 2016 12:00AM by Deborah Lockridge

    BRUSSELS, BELGIUM — The European Union is fining five truck makers nearly 3 billion euros (Cdn $4.3 billion) for acting as a cartel to fix prices of medium and heavy-duty trucks and time the introduction of technologies to comply with emissions rules.

    It’s the highest fines ever imposed by the EU for a single cartel – twice the previous highest amount, imposed in 2012, according to Margrethe Vestager, the European Union’s competition commissioner, in a statement.

    MAN (now owned by Volkswagen), Daimler, DAF (owned by Paccar), Iveco and Volvo/Renault — which together account for around nine out of every 10 medium and heavy trucks sold in Europe — had been working together for 14 years, from 1997 until the European Commission’s investigation in 2011 put a stop to it.