Russia drops competition probe into Mondi

Paper and packaging maker Mondi said on Monday that Russian competition authorities had dropped a probe into the firm's local unit.

Russia's Federal Antimonopoly Service (FAS) had been investigating Mondi Syktyvkar for violation of the antimonopoly law in respect of the pricing of offset paper.

In a statement, Mondi said the FAS dropped the case "due to the absence of a dominating market position of Mondi Syktyvkar during the investigation period".

"Mondi remains committed to complying with all applicable antimonopoly laws," it added.

Mondi shares were up 1.22% at 1579p at 1350 GMT.