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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
05/26/201608:08:00Corporate Social Responsibility Related News Releases and Story...
05/19/201618:00:00CEMEX Expands Reach of Its Social Strategy to at Least 15 Million...
05/09/201621:45:00CEMEX Announces Early Tender Results for Certain Senior Secured...
05/05/201608:08:00Corporate Social Responsibility Related News Releases and Story...
05/04/201606:30:00CEMEX Creates Fire and Explosion Proof Concrete
05/02/201612:50:00Cemex to Sell U.S Assets to Grupo Cementos de Chihuahua for $400...
05/02/201606:30:00CEMEX to Divest Certain Assets in the U.S.
04/28/201617:15:00CEMEX Announces Subscription Issue Price of New CPOs
04/28/201606:30:00CEMEX Reaffirms Its Commitment to Contribute to a Low-Carbon...
04/25/201623:45:00CEMEX Announces Tender Offer for Floating Rate Senior Secured...
04/22/201620:16:00CEMEX Files Annual Report on Form 20-F for Fiscal Year 2015
04/21/201606:15:00CEMEX Reports First-Quarter 2016 Results
03/11/201617:15:00CEMEX to Host Its Annual CEMEX Day on March 17, 2016
03/10/201622:05:00CEMEX Subsidiary Presents Application to Philippine Authorities...
03/10/201618:51:00ADRs End Mixed; Oi Declines
03/10/201606:30:00CEMEX Announces Divestment of Its Operations in Bangladesh and...
03/09/201622:30:00CEMEX Announces Pricing of U.S.$1.0 Billion in Senior Secured...
03/09/201608:14:00CEMEX Announces Offering of Senior Secured Notes
03/07/201618:36:00ADRs End Mostly Lower; Mining Firms Rise
03/07/201606:30:00CEMEX Obtains Required Consents to Amend Its Credit Agreement

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