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Clariant rejects $1 Billion OMV claim alleging violation of competition law

Clariant was one of four companies that received a claim for damages of approximately 1 billion euros ($1.14billion) from Austrian Energy Company OMV, the company said on Tuesday. The claim is related to alleged violations of competition law on the market of ethylene purchases.

The Swiss chemicals company clariant said: "Clariant rejects this allegation firmly and will vigorously defend its case in any proceedings."

OMV confirmed that it filed a lawsuit against Clariant, but stated it couldn't comment on the ongoing legal proceedings.

Clariant didn't name any of the other companies. OMV also did not name them.

Clariant stated that it "substantiated economic proof" that the parties' conduct did not have any impact on the market.

Clariant also received similar claims earlier this year from BASF, TotalEnergies and other companies.

The European Commission will fine Clariant, Mexico’s Orbia, and U.S.-based Celanese, a combined 260 million euro in 2020 for conspiring to keep ethylene prices low. ($1 = 0.8808 euro) (Reporting and editing by Rachel More, Rachna uppal, and Bernadette hogg)

(source: Reuters)