German watchdog fines VW, BMW, Daimler €100M

Thursday, 21. November 2019 11:59

Germany's Federal Cartel Office said on Thursday it fined three domestic carmakers - Volkswagen AG, Bayerische Motoren Werke AG and Daimler AG - in total around €100 million for "anticompetitive practices in the purchase of long steel products."

"Between 2004 and the end of 2013 representatives of BMW, Daimler and Volkswagen regularly met twice a year with steel manufacturers, forging companies and large systems suppliers and exchanged information on uniform surcharges for the purchase of long steel products," said Andreas Mundt, and explained that this practice eliminated price competition between suppliers.

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