BREAKING NEWS

Schmolz + Bickenbach agrees to pay 12.3 million euros to settle German probe

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ZURICH (Reuters) – Schmolz + Bickenbach <STLN.S> has agreed to pay a fine of 12.3 million euros nto settle allegations of anti-competitive practices in Germany, the embattled steelmaker said on Thursday.

Schmolz + Bickenbach made the out-of-court agreement with the German Federal Cartel Office following an investigation into alleged anti-trust issues, without giving further details.

Payment depends on the Swiss company raising money through a planned capital increase on Dec. 2, it added.

(Reporting by John Revill)

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