Shares kept falling in London-based banking and business publisher Euromoney, after its offices were raided on Tuesday by European authorities as part of an investigation into a possible cartel.
Euromoney confirmed the “inspection” by antitrust authorities at the Brussels office of RISI, the US business it bought last year for $125m, and said it was “committed to working fully” with the probe.
The European Competition Commission confirmed “its officials carried out an unannounced inspection at the premises of a company operating in the the cardboard and paper sack sector”.
“The Commission has concerns that the inspected company may have violated Articled 101 of the Treaty on the Functioning of the European Union, which prohibits anticompetitive practices such as price fixing and customer allocation giving further details,” the Commission said.
It added that inspections did not mean that companies were guilty of anti-competitive behaviour.
The Commission said last March that it was making unannounced visits to companies in the paper industry, on the look-out for price-fixing and other anti-competitive practices. RISI is a price reporting agency for the forest products market. At the time of the company’s takeover, Euromoney noted that RISI’s “price indices are critical to the daily business operations and trading activities of major paper and board, packaging and other forest-product companies.”