German steelmaker and engineering company ThyssenKrupp AG
(TKA.XE) said Wednesday it has reached an agreement in principle
with German railway operator Deutsche Bahn to settle claims
connected with an alleged rail cartel.
In July, Germany's cartel office fined the company 88 million
euros ($118.8 million) for its part in an alleged price fixing
cartel in the rail-steel sector, involving products such as rails,
points and sleepers. July's fine brings the company's charges for
the case to EUR191 million. Other companies were also fined,
including Austria's Voestalpine AG (VOE.VI).
Details of the agreement with Deutsche Bahn are confidential and
subject to approval, ThyssenKrupp said Wednesday.
"However, ThyssenKrupp assumes that there will be no further
costs on top of the provisions already recognized," it added.
Earlier this year, the company earmarked EUR207 million in risk
provisions in anticipation of further fines and damage claims from
customers.
Write to Monica Houston-Waesch at nikki.houston@wsj.com
