Clariant Rejects EUR 1.96 Bln Damages Claims From BP, ExxonMobil

(RTTNews) - Clariant AG (CLN.SW, CLZNF), a Swiss speciality chemical company, on Friday announced it has been served two damage claims totaling about 1.1 billion euros and 860 million euros. Now the company rejected the allegations and said it will vigorously defend its position, citing economic evidence of no market impact.

The allegation is infringement of competition law in the ethylene purchasing market, which was sanctioned by the European Commission in July 2020.

The claims were filed by BP Europe SE, BP p.l.c. (BP.L) and ExxonMobil Petroleum & Chemical B.V., Exxon Mobil Corporation (XOM), with the courts of Munich and Dortmund.

On Thursday, Clariant closed trading 0.47% higher at CHF 7.41 on the Swiss Stock Exchange.