EU regulators fine ethanol producer Lantmannen $51 MM over ethanol benchmarks cartel
(Reuters) - EU antitrust regulators fined Lantmannen, the largest ethanol producer in the Nordic region, $51.4 MM for rigging ethanol benchmarks between November 2012 to March 2014.
The European Commission raided some companies in 2014 and 2015 that subsequently led to investigations into Lantmannen, Alcogroup and Abengoa in 2015.
It said the three companies took part in a cartel focusing on the wholesale price formation mechanism for ethanol in Europe.
The EU antitrust enforcer dropped its case against Alcogroup earlier this year because of insufficient grounds to continue its investigation while Abengoa was hit with a 20 million euro fine two years ago.