Brazil: Cement firms given 30 days to pay combined $934 million fines

Brazil’s antitrust watchdog, Cade, has ordered six cement makers named in a price-rigging case to pay a combined $934 million in fines within a month in a landmark decision that also orders asset disposals.

Under the terms of the decision announced on Wednesday, the watchdog gave the companies a one-year deadline to reduce their installed capacity in the cement and concrete industries through asset sales. The decision was published in the government’s official gazette.

According to Cade, which first issued a ruling in the case in May of last year, Votorantim Cimentos SA, Camargo Correa SA’s Intercement Brasil unit, Itabira Agro Industrial SA and Cia de Cimentos Itambé SA, as well as Switzerland’s Holcim Ltd and Cimpor Cimentos de Portugal SGPS SA colluded on pricing to force rivals out of the market.

The ruling, which followed an eight-year inquiry, follows cost overruns that dogged Brazil’s preparations for last year’s soccer World Cup as well as dozens of road, port and infrastructure projects across Latin America’s largest country.

Full content: Reuters

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