German Auto Giants Hit With €100M Fine For Steel-Buying Plot

Law360 (November 21, 2019, 5:54 PM EST) -- German auto giants BMW, Volkswagen and Daimler formed a cartel to negotiate better prices from steel manufacturers and are getting slapped with €100 million ($110.6 million) in fines because of it, the country’s antitrust watchdog said Thursday.

Carmakers including BMW “acknowledged the facts as established” after they formed a steel-buying cartel, Germany's antitrust watchdog has said. (AP) The Bundeskartellamt said the companies “acknowledged the facts as established” by the competition authority and agreed to the settlement, which was calculated with that cooperation in mind.

For nearly a decade, the auto giants met twice a year with steel manufacturers to swap information...

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