BMW, Daimler and Volkswagen 100 million euros steel cartel penalty

[Sinan.47]

The Federal Competition Agency of the German Competition Authority announced that BMW, Daimler and Volkswagen were fined a total of 100 million euros on the grounds that they formed a cartel to purchase steel.

The Federal Cartel Office (The Bundeskartellamt), said in a statement, German automobile manufacturers in 2004-2013 in connection with the purchase of steel illegally fined 100 million euros, he said.

In a statement, BMW, Daimler and Volkswagen steel suppliers from steel suppliers to coordinate the prices they pay for illegal purchases, stating that the prices created on this occasion at least until 2016 was recorded.

ACCEPTED PUNISHMENT

Automobile manufacturers agreed to accept the fine, said the sale price of steel coincides with less than 1 percent of the car's final value was emphasized.

BMW WILL PAY 28 MILLION EURO

It was announced by companies that BMW would pay 28m euros and Daimler would pay 23.5m euros for the fine.