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EU Tyre Firms Raided Over Suspected Cartel; Big 3 Euro Firms' Credit Tighter Today

CONSUMER CYCLICALS

*TIRE FIRMS RAIDED BY EU OVER SUSPECTED CARTEL

*EU DOESN'T IDENTIFY TIRE FIRMS RAIDED IN PRICE-FIXING PROBE - BBG

Range of possibilities (non-exhaustive):

  1. Michelin: sued by EC in 2001 for similar
  2. Continental: Stellantis is suing it (and Bosch) over price fixing (filed May-23)
  3. Pirelli: previously in trouble over cable subsid Pysmian (now independent).
All have liquid EUR credit curves which have widened marginally YTD (up to 17bp) though moves today are, if anything, tighter.

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