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Further update regarding the European Commission's statement of objections
METAIR INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1948/031013/06
ISIN: ZAE000090692
JSE and A2X share code: MTA
("Metair" or the "Company")
FURTHER UPDATE REGARDING THE EUROPEAN COMMISSION'S STATEMENT OF OBJECTIONS
Shareholders of Metair ("Shareholders") are referred to the previous announcements released by the
Company on SENS, wherein Shareholders were advised that Metair and its Romanian subsidiary,
Rombat S.A. ("Rombat"), had received an advance copy of a Statement of Objections ("Statement")
from the European Commission ("Commission"). The Statement outlines the Commission's
preliminary concerns that certain EU battery manufacturers, including Rombat, may have contravened
EU anti-trust rules in relation to automotive lead-acid starter batteries between 2004 and 2017.
Shareholders were further advised that Rombat had submitted a response to the Statement and that
subsequent hearings in this regard had been held.
Shareholders are hereby advised that, on 15 December 2025, the Commission levied a fine of
EURO 20,2 million on Rombat pursuant to its conclusion that Rombat contravened the European Union
competition law ("EU Law"). The Commission further determined that Metair and its Dutch subsidiary,
Metair International Holding Cooperatief UA, based in the Netherlands, are jointly and severally liable
for a portion of the fine amounting to EURO 11,6 million, based on a legal presumption under EU law
of parental liability in that they exercised decisive influence over Rombat since its acquisition on
14 March 2012.
The Commission has agreed that the fine may be paid over a period of 51 months with a first instalment
of EURO 4,2 million due within 3 months from 15 December 2025. Interest shall be levied on the
instalments from 15 December 2025 to the payment date at an interest rate applied by the European
Central Bank plus 1.5 percentage points.
The Commission's findings conclude an investigation that was launched in 2018 and spanned over
7 years. It targeted the activity of several automotive battery manufacturers in the European industry,
including Rombat, as well as the European battery manufacturers association, EUROBAT, and covered
the period 2004 to 2017. The investigation was based on an Information Bulletin published quarterly by
EUROBAT, which used statistical data provided by EUROBAT members at the association's request.
The Commission alleged that the manufacturers exchanged commercially sensitive information to
determine the surcharge price element of automotive starter batteries sold to Original Equipment
Manufacturers.
The Company refutes the decision by the Commission regarding the legal presumption that it exercised
decisive influence over Rombat in this matter. The key decisions regarding the implementation of the
EUROBAT premium had already been firmly established by the time Metair acquired Rombat in 2012
and were not identified during the due diligence process carried out by external advisors.
The fine is likely to have serious financial implications on Rombat's business operations. The board of
directors of Metair ("Board") and Rombat are considering the Commission's findings which will include
an assessment of all legal options, including the extent to which the fine may be enforceable against
Metair. In addition, the Board will evaluate the impact of the obligations of the South African obligor debt
package concluded by Metair.
Rombat continues to drive its current operations according to the strategy agreed with Metair and
remains committed to its business objectives. Rombat is a leading company in Bistrita-Nasaud County,
one of the largest regional employers and a key contributor to Romania's annual state budget.
15 December 2025
Johannesburg
Sponsor
One Capital
Date: 15-12-2025 01:21:00
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