A PYMNTS Company

Brazil: Regs reject cement cartel settlement

By  |  January 22, 2014

Brazil’s antitrust authority CADE has reportedly rejected an offer to close its investigation into an alleged cement cartel made by one of the investigated companies, a Carmargo Correa subsidiary.

According to reports, the subsidiary, Intercement, along with five other cement firms, are investigated for forming an alleged cartel, though reports did not specify the cartel behavior of which the companies are accused.

CADE reportedly rejected Intercement’s settlement offer because there was “no admission of guilt and the cash contribution is much lower than that paid by Lafarge.”

Cement giant Lafarge reached a settlement with Brazil in 2007 to close an investigation into the company’s business practices, say reports.

Full Content: BNAmericas

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.