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.

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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.