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Pin to quick picksInternational Airlines Share News (IAG)

Share Price Information for International Airlines (IAG)

London Stock Exchange
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Share Price: 178.65
Bid: 178.70
Ask: 178.80
Change: 0.35 (0.20%)
Spread: 0.10 (0.056%)
Open: 178.75
High: 181.20
Low: 177.50
Prev. Close: 178.30
IAG Live PriceLast checked at -

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Air France KLM loses fight against EU cartel fine

Wed, 30th Mar 2022 14:18

BRUSSELS, March 30 (Reuters) - Air France-KLM and its Dutch subsidiary KLM on Wednesday lost their challenge against million-euro fines re-imposed by EU antitrust regulators five years ago for taking part in an air cargo cartel two decades ago.

Air France KLM said it was considering appeal against the decision.

Air France and 10 of its peers had in 2015 won their court fight against fines levied by the European Commission in 2010 for fixing air freight services, fuel and security surcharges between December 1999 and February 2006.

The EU competition enforcer subsequently fixed procedural errors pointed out by the Luxembourg-based General Court and in 2017 re-issued the same penalties except for Martinair which had its fine reduced.

The airlines then took their case back to the General Court, Europe's second-highest.

The Luxembourg-based court rejected Air France KLM and KLM's appeals and those brought by Martinair Holland, Cargolux, Lufthansa and Singapore Airlines.

"Air France-KLM has taken note of the EU General Court’s judgement on the appeal filed against the decision of the European Commission of 17 March 2017 against 13 cargo operators, including Group airlines Air France, KLM and Martinair for practices considered to be anti-competitive in the air cargo sector," Air France KLM said in a statement.

"The Group will immediately analyse this decision in view of an appeal before the Court of Justice. Provisions of 350.6 million euros ($391 million) including interest have been made in respect of these fines in the accounts on 31 December 2021," it added.

The Commission had fined Air France 182.9 million euros, the highest, followed by KLM at 127.1 million. The total fine for the cartel made up of 12 airlines came to 776 million euros.

The court reduced the fines for Air Canada, Japan Airlines, British Airways, Cathay Pacific Airways, Latam Airlines Group and its subsidiary Lan Cargo.

SAS's fine remained about the same after judges reduced the penalties for part of its infringements but increased them for others.

Lufthansa and subsidiary Swiss International Airlines escaped a fine as it alerted the EU competition authority to the cartel.

The cases are T-323/17 Martinair Holland, T-324/17 SAS Cargo Group and others, T-325/17 KLM, T-336/17 Air Canada, T-334/17 Cargolux Airlines, T-337/17 Air France–KLM, T-338/17 Air France, T-340/17 Japan Airlines, Case T-341/17 British Airways, T-342/17 Deutsche Lufthansa and others, T-343/17 Cathay Pacific Airways, T-344/17 Latam Airlines Group & Lan Cargo and T-350/17 Singapore Airlines & Singapore Airlines Cargo.

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3 May 2024 13:37

UK earnings, trading statements calendar - next 7 days

Monday 6 May 
no events scheduled 
Tuesday 7 May 
Arecor Therapeutics PLCFull Year Results
BP PLCQ1 Results
Ebiquity PLCFull Year Results
IWG PLCTrading Statement
Kosmos Energy LtdQ1 Results
MaxCyte IncQ1 Results
Trident Royalties PLCTrading Statement
Vaalco Energy IncQ1 Results
Wednesday 8 May 
Alliance Pharma PLCFull Year Results
boohoo group PLCFull Year Results
Brighton Pier Group PLCFull Year Results
Cornerstone FS PLCFull Year Results
HydrogenOne Capital Growth PLCTrading Statement
JD Wetherspoon PLCTrading Statement
Light Science Technologies Holdings PLCFull Year Results
OSB Group PLCTrading Statement
Renishaw PLCTrading Statement
Thursday 9 May 
Balfour Beatty PLCTrading Statement
Derwent London PLCTrading Statement
Flutter Entertainment PLC Trading Statement
Harbour Energy PLCTrading Statement
IMI PLCTrading Statement
ITV PLCTrading Statement
John Wood Group PLCTrading Statement
Rathbones Group PLCTrading Statement
Spire Healthcare Group PLCTrading Statement
Synthomer PLCTrading Statement
Wheaton Precious Metals CorpQ1 Results
Friday 10 May 
CRH PLCQ1 Results
International Consolidated Airlines Group SAQ1 Results
Rightmove PLCTrading Statement
TBC Bank Group PLCQ1 Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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FTSE 100 up 0.9%, FTSE 250 off 0.3%

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