Danish freight forwarder DSV said the European Commission had ordered it to pay a fine of 379,000 euros ($504,900) for a subsidiary's participation in a European cartel.

The group said DSV Air & Sea SAS, a French subsidiary which it bought in 2008 in connection with the acquisition of ABX Logistics, had been fined for the period March 19, 2003 to August 19, 2004.

In that period, the company operated under the name of ABX Logistics Air & Sea SAS. DSV said it would seek reimbursement of the financial loss from the previous owners. (Reuters)