Heidelberg Materials AG

In April 2003, Germany's Bundeskartellamt imposed major fines on six of the country's largest cement producers, including HeidelbergCement AG, for anti-competitive territorial and quota agreements. The authority said the companies had operated market-allocation and quota arrangements in parts of Germany, in some cases dating back to the 1970s, and continued them until 2002. The Bundeskartellamt stated that the decades-long agreements had almost completely eliminated competition and allowed cement prices to be raised above levels expected under competitive conditions. Initial fines in the proceedings totalled approximately €660 million. Following subsequent litigation, the Bundeskartellamt's published statistics state that approximately €396 million in cement-cartel fines ultimately became final after a Federal Court of Justice judgment in 2013. Sources: Bundeskartellamt https://www.bundeskartellamt.de/SharedDocs/Meldung/DE/Pressemitteilungen/2003/14_04_2003_Bu%C3%9Fgeld_Zementkartell.html Bundeskartellamt https://www.bundeskartellamt.de/EN/Tasks/Cartels/Cartel_fine_proceedings/Cartel_fine_proceedings_node.html