ZURICH (Reuters) -Shares in Swiss construction chemicals maker Sika fell as much as 7.4% on Tuesday after the European Commission announced antitrust raids at unnamed construction chemicals companies.
Sika later confirmed that investigations had taken place in connection with a suspicion of price fixing. A spokesperson said that even though the company was not aware of "any culpability," it was cooperating fully with the authorities.
The European Commission said it was carrying out unannounced antitrust inspections in the construction chemicals sector in several member states, as it suspected companies of anti-competitive behaviour.
The companies concerned produce chemical ingredients that are added to cement, concrete and mortar to modify and improve their properties and provide them with specific qualities, the Commission said.
The European Union raids, which were conducted in coordination with British and Turkish authorities, are a first step and do not mean the companies are guilty of anti-competitive behaviour, the Commission said.
Sika shares closed down 5.45% in Zurich, while the broader SMI index fell 0.69%.