Buy
Sell
Share Name Share Symbol Market Type Share ISIN Share Description
Babcock International Group Plc LSE:BAB London Ordinary Share GB0009697037 ORD 60P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  11.60 4.16% 290.60 290.20 290.50 292.00 276.10 282.30 1,571,584 16:35:19
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 4,449.5 -178.2 -38.6 - 1,469

Babcock International Group PLC Italian Anti-Trust Authority decision

19/05/2020 7:00am

UK Regulatory (RNS & others)


Babcock (LSE:BAB)
Historical Stock Chart


From May 2020 to Jul 2020

Click Here for more Babcock Charts.

TIDMBAB

RNS Number : 2696N

Babcock International Group PLC

19 May 2020

19 May 2020

Babcock International Group PLC (Babcock or the Group)

Italian Anti-Trust Authority decision

Babcock, the aerospace and defence company, has been informed that its subsidiary Babcock Mission Critical Services Italia S.p.A ("BMCS Italy") was unsuccessful in its first instance appeal against a decision by the Italian Competition Authority (the "ICA") to impose a fine in respect of a publicly -available "tariff list" dating back to 2001. BMCS Italy is now considering its position in respect of a further appeal.

The ICA fined BMCS Italy a total of EUR51 million, and also imposed fines on seven other companies, in respect of this publicly available tariff list produced by a trade association of which BMCS Italy was a member.

BMCS Italy does not understand the basis of this decision, given that the tariff list did not apply to any of the services provided by BMCS Italy and was not relevant to BMCS Italy's activities. In particular, BMCS Italy is convinced that the tariff list never related to the helicopter emergency medical services ("HEMS") and, indeed, this lack of relevance was explicitly stated on the front of the list from 2012, two years prior to the acquisition of BMCS Italy by Babcock in 2014.

The ICA had confirmed that, whilst it had also investigated the possibility of bid rigging arrangements relating to HEMS, no basis was found for such allegations against BMCS Italy or any other party.

BMCS Italy considers compliance with antitrust laws to be of the highest priority. BMCS Italy also notes that the ICA reduced the fine imposed upon BMCS Italy to reflect the quality and robustness of its antitrust compliance programme. BMCS will continue to service its existing contracts and to compete for future tendering opportunities.

ends

For further information please contact:

Babcock International Group PLC

   Simon McGough                                                          Kate Hill 

Director of Investor Relations Group Director of Communications

   Tel: +44 (0)7850 978 741                                                Tel: +44 (0)20 7355 5312 

FTI Consulting

Andrew Lorenz, Nick Hasell, Alex Le May

Tel: +44 (0)20 3727 1340

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCDGGDULGBDGGI

(END) Dow Jones Newswires

May 19, 2020 02:00 ET (06:00 GMT)

1 Year Babcock Chart

1 Year Babcock Chart

1 Month Babcock Chart

1 Month Babcock Chart
ADVFN Advertorial
Your Recent History
LSE
BAB
Babcock
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20200715 18:54:59