Italian competition watchdog investigates elevator maker Otis
Adds comment from Otis in paragraph 4
MILAN, Oct 26 -Italy's competition authority (AGCM) has opened an investigation into U.S. elevator maker Otis Worldwide's OTIS.N Italian business over alleged unfair commercial practices, the watchdog said on Friday.
Otis is suspected of having installed on elevators devices that offer services for a fee without explicit consent from customers, AGCM said in a statement.
The company may also have failed to meet deadlines for new installations and handled maintenance and renovation requests inadequately, the competition watchdog said.
"We are aware of the investigation and are cooperating with the authority," Otis said in an emailed statement, adding it could not comment further given it is an ongoing legal matter.
Officials from the competition authority and members of Italy's tax police have inspected several Otis offices in Italy as part of the investigation, AGCM said.
Reporting by Gianluca Semeraro;
Editing by David Goodman and Valentina Za
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
