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German regulator probes Daimler, Volkswagen over reports

AP  |  Frankfurt 

Germany's financial regulator says it is checking whether automakers Daimler and violated securities disclosure rules by not telling investors about any self-reporting they may have done to regulators about possible collusion.

Media reports have said the companies self-reported to competition authorities as a way of limiting any fines if they are found to have restrained competition. The competition authority has said it is evaluating the information.

The BaFin agency said today it was checking if the companies violated requirements to tell shareholders as soon as they have information that could affect the stock price.

Der Spiegel magazine reported that German auto companies colluded for years on technical matters including limiting the size of the tanks holding the urea solution used to neutralise pollutants in exhaust gases.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 07 2017. 19:42 IST