Asahi Glass, Nippon Sheet fall on price-fixing fines
Asahi Glass Co. and Nippon Sheet Glass Co., Asia's two largest glassmakers, dropped in Tokyo trading after they and two rivals were fined by the European Union over claims they fixed car window prices.
Asahi Glass shares fell 5 percent to 515 yen [$5.4] at the close of trading today on the Tokyo Stock Exchange. Nippon Sheet Glass tumbled 9 percent to 314 yen [$3.3], the biggest drop since Oct. 24. Cie. de Saint-Gobain SA shares fell 5.2 percent in Paris yesterday, according to a Nov. 13 Bloomberg report.
Nippon Sheet Glass' Pilkington unit, Asahi Glass and Saint-Gobain, Europe's largest building-materials supplier, were fined a record 1.38 billion euros ($1.7 billion). The penalties were increased because the companies were repeat offenders, the commission said yesterday after the Japanese market closed, according to the Bloomberg report.