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M. Continuo

Daimler hikes provisions for EU cartel probe


    FRANKFURT (Reuters) - German car and truck maker Daimler said on Thursday it was setting aside an additional 600 million euros ($738.3 million) to cover potential costs related to an antitrust investigation into the industry by the European Commission.

    It said the additional provision would affect its earnings this year but stuck with its forecast for 2014 earnings before interest and tax (EBIT) from ongoing business to rise significantly from last year.

    The European Commission said last month it had sent formal charge sheets to several manufacturers it suspected of price-fixing, marking the next phase of a complex investigation that began with raids on a number of companies' headquarters in January 2011.

    (Reporting by Maria Sheahan; Editing by Kirsti Knolle)