Key German offices for BMW, Volkswagen, Daimler, Bosch and ZF Friedrichshafen have been raided by local authorities over their steel buying practices.
According to reports, the offices were raided towards the end of June after a probe was ordered by the German antitrust regulator to determine if a group to fix the price of steel was in operation, designed to reduce steel pricing for the aforementioned companies.
As is typically the case with such investigations, many specific details remain scarce. Nevertheless, it is claimed that it could take from several months to numerous years for the investigation to be finalised. If the automotive companies allegedly involved are found guilty in the price fixing cartel, each could be fined up to 10 per cent of their annual turnover.
Initially, the investigative body refused to disclose the names of the companies concerned. However, five identified themselves while the identity of the sixth and final company remains private.
The firms involved in the probe are remaining quiet as the investigation continues.
Via Bloomberg
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