BASF to appeal against fine imposed by the European Commission relating to vitamins
BASF has admitted responsibility for the anti-trust violations relating to the vitamins business and contributed to the clarification of the case by fully cooperating with the European Commission. The appeal therefore relates solely to the level of the fine, which the company considers in its case to be inappropriately high at EUR 296 million. The appeal is primarily based on the failure to take sufficient account of BASF's cooperation in resolving the case.
To provide for the risk of an unsuccessful appeal BASF will book an additional provision of approximately EUR 200 million in the fourth quarter of 2001.
In recent years, the company has significantly reinforced its measures to rule out violations of antitrust laws in the future. These measures include regular anti-cartel audits by the Corporate Audit division as well as a Group-wide Compliance Program based on BASF's Values and Principles which obliges all employees to act strictly in a law abiding fashion.
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