EU court upholds fines for Repsol, Cepsa in Spain asphalt cartel

Reuters

MADRID (Reuters) - The European Union's General Tribunal on Monday upheld fines on Spain's Repsol (MCE:REP) and Cepsa for fixing prices for asphalt from 1991 to 2002.

Repsol must pay 80.49 million euros ($107.47 million) and Cepsa 83.85 million euros as well as legal fees, the court said in a ruling on its website. The tribunal rejected appeals for the fines to be turned over or reduced.

A Repsol spokesman said the company had no comment. A Cepsa spokesman said the company was studying the ruling.

(Reporting by Jose Elias Rodriguez; Writing by Fiona Ortiz; editing by David Evans)

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