STOCKHOLM: Swedish truck maker Volvo said on Tuesday it had decided to make a provision of 400 million euros ($497 million), corresponding to 3.7 billion Swedish crowns, due to an ongoing antitrust investigation by the European Commission.
Volvo said the provision would hit the group's fourth-quarter operating profit.
"The proceedings are still at an early stage and there are a number of uncertainties associated with the final outcome of the Commission's investigation as well as the amount of a potential fine," Volvo said in a statement.
Volvo said it would reassess the size of the provision regularly following the development of the proceedings.
The European Commission said last week it had sent formal charge sheets to several manufacturers it suspected of price fixing, marking the next phase of a complex investigation that began with raids on a number of companies' headquarters in January 2011.
Daimler, Volvo and Iveco parent CNH Industrial all confirmed receipt of the European regulator's so-called statements of objections, together with Volkswagen-controlled Scania and MAN.
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