The EU Court in Luxembourg today decided to reduce by 10,92 million euros the fine previously imposed on Eni by the European Commission for having formed a cartel with other companies in the paraffin wax sector. This was announced by the Tribunal itself. The fine to be paid by the Italian group thus drops from 29,120 to 18,2 million euros.
In October 2008, the EU Commission had decided to fine ENI and other companies, holding them responsible for having participated, between 1992 and 2005, in an agreement for the fixing of prices and the exchange of 'sensitive' information in the sector of paraffin waxes.
In today's ruling, the Court partially upheld the reasons underlying the appeal filed by ENI against the Commission's decision, recognizing that Brussels violated the Italian group's rights of defense by incorrectly accusing it of responsibility for Anic and Enichem. Thus the additional penalty applied for recidivism to the calculation of the fine was no longer applied and the total fine dropped by 10,9 million euro. An amount that the Court now considers "appropriate in view of the gravity and duration of the infringement committed by the appellant".
Eni now has the possibility, within two months, to challenge the Court's sentence before the EU Court of Justice. Meanwhile, one hour after the weekly closure of Piazza Affari, the share plummets, losing 2,43% a 14,03 euro.
