A PYMNTS Company

Mexico: Steel manufacturer fined for commitments breach

By  |  October 7, 2018

Mexico’s antitrust regulator, COFECE’s, Board of Commissioners fined Consorcio Villacero  67 million pesos (US$3.1 million) for failing to comply with two of the conditions agreed upon in 2010 with the competition authority for the authorization for the acquisition of share capital in Savoy International.

Both companies, Villacero and GCollado, participate in the same markets: manufacturing of steel plates, steel pipe, and steel mesh, as well as commercialization of steel products. This could allow for the flow of information among the companies which could result in anticompetitive conducts.

The Board of Commissioners, therefore, determined Villacero did not comply with a part of the conditions and consequently imposed a fine. The Board reiterated that the company must comply with the acquired obligations.The law grants Villacero the right to go before the Federal Judiciary to review the legality of COFECE’s actions.

Full Content: COFECE
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.