SAO PAULO--Brazil's antitrust regulator fined six cement
producers a total of 3.1 billion Brazilian reais ($1.4 billion) as
part of a cartel case and is requiring the companies to sell
certain assets.
Brazil's Administrative Council for Economic Defense, or Cade,
late Wednesday said it imposed a 1.56 billion reais fine on
Brazil's Votorantim Cimentos, while Switzerland's Holcim Ltd.
(HOLN.VX) received a penalty of 508.5 million reais.
Also, Itabira Agro Industrial would be fined 411.6 million
reais, Cimpor Cimentos do Brasil would receive a penalty of 297.8
million reais and InterCement do Brasil, a subsidiary of Camargo
Correa Group, would be fined 241.7 million reais. In addition,
Itambe would receive a fine of 88 million reais.
According to Cade, those companies formed a cartel fixing prices
and also fixed the total amount of cement and concrete to be sold
by each company.
The companies said, in separate press releases, that they would
appeal the decision.
In addition, Cade is requiring the companies to sell the
equivalent of 20% stakes in their concrete operations in certain
regions where those companies have more than one concrete producing
unit.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
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