Bosch probed by EU antitrust authorities
FRANKFURT (Reuters) -- Robert Bosch said it is cooperating with European antitrust authorities as part of an antitrust investigation into suppliers that has already ensnared fellow German company Schaeffler.
"We too have been confronted with allegations from the European Union competition commission," a spokesman for Bosch said on Wednesday, referring to the EU executive body that oversees competition policy.
In December, German engineering group Schaeffler said it had set aside 380 million euros ($517 million) in provisions for potential fines related to a European Union antitrust investigation.
In 2011, the European Commission said it had raided the company as part of an investigation into possible anti-competitive behavior.
Last month, Reuters reported that South Korea's antitrust regulator had fined Bosch, along with units of Denso and Continental, a total of 114.6 billion won ($107.99 million), saying they had fixed prices of parts sold to Hyundai Motor Co.
The fine came as antitrust regulators from the United States to Europe and Japan crack down on price collusion among suppliers. Among the components affected globally are seat belts, radiators, windshield wipers, air-conditioning systems, power window motors and power steering components.
Automotive News Europe contributed to this reportContact Automotive News