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. Last Updated: 07/27/2016

Exxon Raided in EU Anti-Monopoly Probe

LONDON -- U.S. oil company ExxonMobil has been raided by European anti-trust investigators as part of a wide-ranging probe into allegations of price-fixing in the chemicals sector, the Financial Times reported Thursday.

Word of the Exxon Mobil probe came after U.S. company Crompton Corp. on Tuesday said it was under investigation in the United States and Europe regarding allegations of collusive dealings in the rubber chemicals industry.

The raids, which have affected other companies such as German group Bayer, are part of the European authorities' efforts to crack down on cartels, the newspaper reported.

The newspaper said Bayer was raided as part of a separate investigation into allegations of a cartel in the market for rubber chemicals, used to make tires.

An Exxon Mobil spokesman in Houston declined to comment on the report. Bayer officials were not immediately available to comment.

The newspaper said Bayer confirmed that its offices in Leverkusen, Germany, had been raided by officials seeking information on chemicals used in rubber manufacture.

The raids are only the beginning of a price-fixing investigation, which could last for a number of years, and there is no suggestion of wrongdoing by Exxon Mobil, Bayer and Crompton, the newspaper reported.

Industry sources said the European Commission's investigation focused on allegations of price-fixing in the market for bitumen.