In April 2003, the Italian antitrust authority began investigations into market sharing agreements in the ready-mix concrete business in Lombardy. Holcim (Italia) SpA cooperated with the authorities from the outset and has in the meantime taken the necessary organizational measures to ensure that the company conducts its business in line with competition legislation as required by Group guidelines.
Before the completion of the investigations Holcim Italy has taken the necessary measures to ensure proper market conduct in terms of competition law. Holcim Italy has since eliminated all
cross-shareholdings with other concrete producers and has pulled out of jointly operated sales companies. Today, all minority holdings in the concrete business and ready-mix concrete companies belonging to the Group in Italy have been combined in Holcim Calcestruzzi, a wholly-owned
subsidiary of Holcim (Italia) SpA. The measures taken also bring Holcim Italy into line with the relevant Group guidelines.
Holcim confirms that there have been infringements of the competition law. Whether the fine of EUR 10 million is justifiable though can only be judged after the legal appraisal of the full decision.