Saint-Gobain opts not to pay fine immediately

French building materials group Saint-Gobain says that it wants to give a bank guarantee rather than immediately paying a fine imposed by the European Commission for price fixing in the market for aut…

French building materials group Saint-Gobain says that it wants to give a bank guarantee rather than immediately paying a fine imposed by the European Commission for price fixing in the market for autoglass. This contradicts a spokesperson for the Commission, who said 13 November 2008 that the company would have to pay the EUR 896 million fine straight away. The fine relates to Saint-Gobain“s involvement in an autoglass cartel. The company on 13 November 2008 produced a letter from EU competition commissioner Neelie Kroes, dated 3 December 2007, stating that, when an appeal is lodged, the debtor can either provisionally pay the sum requested or can provide a financial guarantee. Saint-Gobain, which has appealed against the ruling, has opted for the latter.