Photo: DPADaimler was the first firm among a suspected German carmakers' cartel to break ranks and report the collaboration to authorities, potentially sparing it billions in fines, German media reported Tuesday. Under European rules, the first firm to reveal evidence of a cartel can escape a fine. Daimler, BMW, and VW with its Audi and Porsche subsidiaries were all involved in the talks to agree on technology, suppliers, markets, strategies and polluting emissions, the magazine reported. The European Union's executive arm has the power to inflict heavy fines on firms found to be infringing cartel rules. Daimler's gains fell short of the DAX index of blue-chip German shares, but contrasted with losses for shares in Volkswagen and BMW.

Source: The Local July 25, 2017 14:26 UTC