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Quotes & Info
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| UGI > SEC Filings for UGI > Form 8-K on 27-Jul-2009 | All Recent SEC Filings |
27-Jul-2009
Other Events
On July 21, 2009, Antargaz, a wholly owned French subsidiary of UGI Corporation (the "Registrant"), received a Statement of Objections from France's Autorité de la concurrence ("Competition Authority") with respect to the previously disclosed investigation of Antargaz by the Competition Authority and France's General Division of Competition, Consumption and Fraud Punishment initiated in 2005. A Statement of Objections ("Statement") is a part of French competition proceedings and generally follows an investigation under French competition laws. The Statement alleges that Antargaz engaged in certain anti-competitive practices in violation of French and European Union civil laws (anti-competition) related to the packaged LPG (i.e., cylinder) market during the period from 1999 through 2004. The alleged violations occurred principally during periods prior to March 31, 2004, when the Registrant first obtained a controlling interest in Antargaz. Antargaz is reviewing the evidence supporting the allegations contained in the Statement and intends to vigorously defend itself.
Based on an assessment of the information contained in the Statement, the Registrant has recorded a reserve of approximately $10 million in its third fiscal quarter related to this matter. The final resolution could result in payment of a significantly different amount. The Registrant is unable to predict the timing of the final resolution of this matter.
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