Elementis to get back £21m as EU revokes fines

Chemicals maker Elementis said the European Commission dismissed fines levied on the company related to price fixing, and it would get back the full amount of 23.4 million euros (£21m) plus interest.

Shares of the company rose more than three per cent in morning trade.

Elementis said the commission revoked its decision after the company filed an appeal with the General Court of the European Union.

In November 2009, the European Commission fined 24 companies to the tune of 173m euros for belonging to a cartel that fixed prices for heat stabilisers.

Shares of the company were up 4.5 pence at 177 pence in morning trade on the London Stock Exchange. They touched a high of 178.1 pence earlier.