Swiss logistics group Kuehne & Nagel said it is considering appealing against an 53.7 million euro ($71.54 mln) fine from the EU commission decision for cartel activities, saying the investigation was not carried out correctly.

Kuehne & Nagel Chairman Karl Gernandt said the commission had drawn "incorrect factual and legal conclusions".

"In addition, Kuehne & Nagel's comprehensive cooperation throughout the investigation was not adequately acknowledged. That is why we take into consideration to appeal against the decision before the European courts," Gernandt said in a statement.

Alongside the EU fine, the company said they had agreed with the U.S. Department of Justice to pay a fine of $9.8 million for proceedings relating to the same activities.

Thirteen logistics firms, were fined a total 169 million euros ($225 million) by the European Commission for fixing prices in the air freight forwarding business in four cartels between 2002 and 2007, in breach of EU antitrust rules. (Reuters)