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Mexico's Cemex: EU Proceeds With Case Against Cement Cos

MEXICO CITY -(Dow Jones)- Mexican cement giant Cemex S.A.B. de C.V. (CX) said Thursday that the European Commission has decided to initiate formal proceedings against Cemex and seven other cement companies due to possible anticompetitive practices in 10 European countries. The European Commission launched an investigation in November 2008 into suspected cartel-like practices in the cement markets of Austria, Belgium, the Czech Republic, France, Germany, Italy, Luxembourg, the Netherlands, Spain and the U.K. France's Lafarge SA, Switzerland's Holcim AG (HOLN.VX), and Germany's HeidelbergCement AG and Dyckerhoff AG all confirmed in 2008 that their offices had been raided by European regulators. Ciments Francais, a unit of Italian cement maker Italcementi SpA, and Spain's Cementos Portland Valderrivas SA, which is controlled by construction company Fomento de Construcciones y Contratas SA (FCC.MC), also said at the time that they had been targeted in the investigation. In a statement Thursday, Cemex said that the Commission told the Mexican firm that the initiation of proceedings "does not imply that the Commission has conclusive proof of the infringements but merely signifies that the Commission will deal with the case as a matter of priority." Cemex said that it has cooperated with the investigation, and the company maintains that it has always acted in accordance with applicable laws and regulations. The cement maker added that it intends to defend itself "vigorously" in the proceedings. Europe's major cement makers in 1994 were fined 248 million euros ($322 million) for running a cement cartel. The amount of the fine was reduced to 140 million euros after the companies won an appeal in 2004. By Amy Guthrie, Dow Jones Newswires; (5255) 5980-5177, amy.guthrie@dowjones.com

Stock News for Cemex (CX)
DateTimeHeadline
09/12/201614:20:00Cemex to Sell Ohio Assets to Eagle Materials
09/12/201606:30:00CEMEX Announces Divestment of Its Fairborn Cement Plant in the...
08/30/201603:03:00Business Watch -- WSJ
08/29/201606:35:00CEMEX Participates in GCC Corporate Restructuring
08/29/201606:34:00CEMEX and GCC Agree on Terms and Conditions for Sale of Certain...
08/02/201617:30:00CEMEX Participates in Reconstruction of Central Florida’s Main H...
07/28/201617:15:00CEMEX Announces Expiration and Final Settlement of Its Tender...
07/27/201606:15:00CEMEX Reports Second-Quarter 2016 Results
07/14/201620:00:00CEMEX Announces Early Tender Results for 9.375% Senior Secured...
07/12/201617:30:00CEMEX Obtains ‘Green’ Financing from IFC
06/29/201622:30:00CEMEX Announces Tender Offer for 9.375% Senior Secured Notes...
06/29/201620:45:00CEMEX Announces Pricing of the Sale of a Minority Stake in the...
06/23/201617:30:00CEMEX Contributes to Extension of Los Angeles Metro
06/20/201606:30:00CEMEX Subsidiary in the Philippines Receives Pre-Effective Approval...
06/09/201608:08:00Corporate Social Responsibility Related News Releases and Story...
06/08/201619:56:00CEMEX Announces Pricing of €400 Million in Senior Secured Notes
06/08/201603:54:00CEMEX Announces Offering of Senior Secured Notes
06/06/201617:30:00El Carmen Celebrates 15 Years of Biodiversity Conservation and...
05/26/201617:30:00CEMEX Closes Bangladesh and Thailand Transaction
05/26/201608:08:00Corporate Social Responsibility Related News Releases and Story...

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