(Alliance News) - Zignago Vetro Spa defended itself Tuesday after the Italian Competition Authority opened an investigation into an alleged cartel on the sale of glass bottles.

Among the nine companies in the sector that have ended up in the AGCM's crosshairs is Zignago Vetro, which said, "With reference to the opening of the investigation by the AGCM for an alleged agreement restricting competition in the sale of glass bottles, against nine companies, including Zignago Vetro, the company clarifies that it has always operated in full compliance with the rules and regulations in force regarding competition."

"We are therefore confident that the investigation that has been launched, for which we are actively collaborating with the AGCM, will give reason for the total correctness of Zignago Vetro's behavior, which has been conditioned by the very strong and generalized increases in the costs of all production factors, especially energy and raw materials."

Zignago Vetro's stock is down 1.4 percent at EUR12.46 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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