EU Adds to Abengoa Woes With Ethanol Benchmark Rigging Probe
- Alcogroup and Lantmaennen also face EU investigation
- EU suspects trio colluded on benchmarks published by Platts
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The European Union’s antitrust arm added to Abengoa SA’s woes on Monday by opening a formal probe into suspicions the company colluded with Alcogroup and Lantmaennen to rig ethanol benchmarks published by Platts.
The trio may have agreed to submit or support bids with view to influencing benchmarks upwards and thus driving up ethanol prices, the European Commission said in a statement. Such practices could harm consumers and the environment, it said.