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| HeidelbergCement cartel fines confirmed  The Federal Court of Justice in Germany confirmed the fine imposed on HeidelbergCement in 2009 by the Higher Court of Düsseldorf at a reduced level of €161.4 million. After release of the respective provision, a P&L effective charge of €30 million remains in the second quarter 2013. The cash outflow of €161.4 million will probably occur within the next 12 to 18 months. Result outlook and financial planning remain unchanged.spliterThe company and other cement producers were initially fined in 2003 by the German competition authority for violations of cartel laws between 1990 and 2002. After an appeal against the fine with the Higher Court of Düsseldorf, the case was reevaluated in 2009, and the fine reduced from around €250 million to around €170 million. An appeal against this verdict has been lodged with the Federal Court of Justice in connection with the breach of procedural and material regulations. The Federal Court of Justice has finally reduced the fine by additional €8.5 million due to the excessive length of the proceedings. HeidelbergCement is one of the largest building materials manufacturers worldwide, as the global market leader in aggregates and with leading positions in cement, concrete, and other downstream activities. The Group employs around 52,000 people at 2,500 locations in more than 40 countries. write your comments about the article :: © 2013 Construction News :: home page |