The EU antitrust regulators have raided some plastic pipes and fittings producers last month in a possible price-fixing case. Tessenderlo’s plastic fittings subsidiary Nyloplast was also inspected. We remind that Nyloplast was taken over by Tessenderlo in 2008 for an undisclosed amount and had sales of about € 13.5m at the time of takeover, meaning it is a very small vs Tessenderlo’s overall € 2.1bn revenue. Furthermore it appears that the investigationmainly concerns practices from 2006 which is a pre-Tessenderlo period and hence might in our opinion mean Tessenderlo bears no liabilities. Our View: All in all, we believe at this stage that the potential negative impact from the EU investigation will be limited. No change to our Accumulate rating and € 26 target price.