EU court sets date for hearing on GPG’s Coats appeal of fine

EU court sets date for hearing on GPG’s Coats appeal of antitrust fine

April 26 (BusinessDesk) – The European Union has set a date of May 24 to hear the appeal of Guinness Peat Group’s Coats unit against a 110.25 million euro fine for price fixing in the haberdashery market.

The European Commission imposed the fine in 2007 for “an alleged market-sharing agreement” between Coats and William Prym GmbH & Co. between 1977 and 1998, according to a statement from GPG. Coats appealed the fine in December 2007.

“Coats has always vigorously disputed both the factual allegations and the amount of the fine,” GPG said.

Written pleadings have closed and the EU’s General Court set the date for Coats’ oral hearing next month. A decision is expected within 12 months from the hearing date, GPG said.

Coats may end up being the only asset of GPG, which has vowed to sell assets and return $158 million to shareholders via a scheme of arrangement. Coats, which is returning to profitability after being whacked by the economic fallout of the global financial crisis, may take longer to sell.

Shareholders are to vote on the plan at the annual meeting, the first GPG has held in New Zealand.

Shares of GPG last traded at 81.5 cents.

(BusinessDesk)

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