Swiss specialty chemicals maker Clariant (OTCPK:CLZNF) (OTCPK:CLZNY) said Friday it rejects allegations from BP (NYSE:BP) and Exxon Mobil (NYSE:XOM) that its purchases of ethylene broke European Union competition law.
Clariant (OTCPK:CLZNF) (OTCPK:CLZNY) said it is one of four companies that received claims for damages in lawsuits filed in Germany, including claims totaling €1.1 billion from BP (NYSE:BP) and €860 million from Exxon (NYSE:XOM).
Clariant (OTCPK:CLZNF) (OTCPK:CLZNY) said it rejects the allegations and will defend itself in court, adding that it has economic evidence that the conduct by the company and the other parties included in the lawsuits did not produce any effect on the ethylene market.
The company said previously that chemical company LyondellBasell (LYB) was seeking ~€1.6 billion in damages after alleging its purchases of ethylene broke E.U. competition law.