BMW AG will raise its earnings forecast for the year because it expects an antitrust fine from the European Union to be much smaller than anticipated two years ago, reported Bloomberg.
The automaker will get a roughly 1 billion-euro ($1.2 billion) boost to earnings this quarter from revaluing a provision for an EU fine over allegations that it colluded with its German peers to delay rolling out cleaner cars.
BMW expects the EU “will significantly reduce its allegations” against the company, according to a statement. The lesser-than-anticipated fine will allow the company to raise its margin forecast for auto earnings before interest and taxes by about 1 percentage point.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Regulators Set to Clear Microsoft’s $13B OpenAI Investment
Apr 17, 2024 by
CPI
Biden Pledges to Block US Steel Acquisition by Japanese Firm
Apr 17, 2024 by
CPI
Canada Targets Tech Titans with New Digital Tax in 2024
Apr 17, 2024 by
CPI
EU Privacy Watchdog Calls for Meta to Offer Ad-Free Option
Apr 17, 2024 by
CPI
Japan’s Antitrust Overhaul Targets Tech Titans Like Apple
Apr 17, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – China Edition – Year of the Dragon
Apr 16, 2024 by
CPI
Review Logic and Rules for Concentrations of Undertakings that Do Not Meet the Standard of Notification
Apr 16, 2024 by
CPI
China’s Review of Semiconductor Transactions
Apr 16, 2024 by
CPI
Key Challenges and Tips for Merger Control Filing in China for Listed Companies
Apr 16, 2024 by
CPI
Key Point Review: China SPC Antitrust Judgments in 2023
Apr 16, 2024 by
CPI