Hungary’s Competition Office (GVH) said Friday that it has launched an investigation of a suspected cartel involving eight concrete companies.
GVH believes that the cartel involving efforts to keep prices high as well as divide the market between the participants and retain the present status quo may have been formed in 2002.
GVH also believes that Austrian construction company Strabag may have made an agreement with other concrete producers to divide and sell the assets of the Hungarian and Austrian units of Mexican cement giant Cemex prior to Strabag’s acquisition of the units.
GVH noted that the launching of the investigation does not imply the companies involved did anything illegal.
GVH has 180 days to complete the investigation, though it may extend the deadline twice by the same amount of time.