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Gigaset AG Rejects Evonik Degussa’s Demand for Penalty Payment

Gigaset AG (GGS), the Munich-based maker of cordless telephones, said today it rejected “allegations and claims” by Evonik Degussa GmbH, which has filed arbitration proceedings against it at the German Institution of Arbitration.

Essen, Germany-based Evonik is demanding a penalty payment of 12 million euros ($15.78 million) on the basis of a contract entered into in 2006, Gigaset said, adding it will defend itself in the arbitration.

Gigaset has adequate provision for risk of loss in its 2011 financial statements, the company said in a statement on the DGAP newswire.

To contact the reporter on this story: Rainer Buergin in Berlin at rbuergin1@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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