German agribusiness and renewable energy company BayWa (DE: BYW) has welcomed an investigation from the country's antitrust authority, which involved a search of offices at the company's headquarters on March 3.

In a release, the multinational said the Bundeskartellamt, an independent competition authority tasked with protect competition in Germany, carried out the search following an order issued by a local court in Bonn.

The investigation is based on the suspicion that employees of the company were allegedly involved in agreements aimed at restricting competition in the wholesale trade of crop protection materials.

The company said the period of time covered in the investigation dates back to 2000, but BayWa did not have details about the accusations.

"BayWa will cooperate fully with the Bundeskartellamt in all matters," CEO Klaus Lutz said.

"Our greatest interest lies in resolving this matter completely and in punishing any misconduct to the fullest extent."

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