Mergers & Antitrust Law News

VW, BMW, Daimler Fined 100 Million Euros by German Cartel Office

Nov. 21, 2019, 1:21 PM

Volkswagen AG, BMW AG and Daimler AG agreed to pay fines totaling about 100 million euros ($111 million) for anti-competitive practices in buying steel after settling with Germany’s competition authority.

VW’s fine was 48.75 million euros, BMW’s 28 million euros and Daimler’s 23.5 million euros, the companies said.

Between 2004 and the end of 2013, representatives of the three carmakers met twice a year with steel manufacturers, forging companies and systems suppliers, the Bundeskartellamt said in a statement Thursday. They exchanged information on uniform surcharges for the purchase of steel used in parts such as crankshafts and steering rods,...

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