Pirelli to appeal EU decision of parental liability charges
Pirelli will appeal against the European Union’s decision in which the Italian tyre maker has been charged for the link between Pirelli & C. S.p.A. and the purported antitrust violation is due to the parental liability principle, as Pirelli owned the share capital of Prysmian for part of the alleged cartel period.
Reuters reported that the EU authorities fined investment bank Goldman Sachs, the world’s top cablemaker Prysmian, Nexans and eight cable firms a total of $416 million for breaking competition rules.
Pirelli said that it believes that there are no grounds to charge it with parental liability and that, as it was not involved in the alleged wrongdoing of its former subsidiary, the ultimate full responsibility for the violation (and for the payment of the fine), if any, will lie only with the company directly involved in the alleged infringement.
The tyre company also mentioned that the EU’s decision would not impact its financials.