August 31, 2017 / 8:09 AM / 2 months ago

German carmakers may face 'very high' cartel fines: EU's Vestager

FRANKFURT (Reuters) - German carmakers could face “very high” fines if suspicions of collusion prove true in court, European Union Competition Commissioner Margrethe Vestager told Business Insider.

FILE PHOTO: European Competition Commissioner Margrethe Vestager holds a news conference at the EU Commission's headquarters in Brussels, Belgium March 13, 2017. REUTERS/Francois Lenoir/Files

But she said it was too soon to speculate on “the extent of possible sanctions and the timing of an EU Commission decision”, the online business news site cited her as saying.

European Union and German antitrust regulators are investigating whether VW, Porsche, Audi. BMW and Mercedes-Benz owner Daimler held meetings to discuss suppliers, prices and standards to the disadvantage of foreign carmakers.

Referring to EU competition moves against Google and Facebook, Vestager said: “I don’t see a major difference between the business practices of American tech companies and those of German carmakers.”

Reporting by Maria Sheahan; Editing by Ludwig Burger

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