Swedish truck giant Scania, owned by Volkswagen, has been fined €880 million (£775m) for allegedly colluding with five other truckmakers over prices and emissions costs.

The European Commission ruled the company colluded with other manufacturers on truck pricing and passing on the costs of new technologies to meet stricter emission rules for 14 years.

The other firms – DAF, Daimler, Iveco, MAN and Volvo/Renault – were given a record fine last July but Scania decided not to settle the cartel case.

It has denied any wrongdoing, with a Scania spokesperson stating: “We just received the information and it will take some time to go through the material. If no new information has emerged in the investigation, we are planning to prepare an appeal against the decision.”

Commissioner for Competition Margrethe Vestager said: “Today’s decision marks the end of our investigation into a very long lasting cartel – 14 years.

“Instead of colluding on pricing, the truck manufacturers should have been competing against each other – also on environmental improvements.”

However, the Commission said the investigation did not reveal any links between the cartel and allegations of carmakers cheating emissions tests.