Shares in RMC fell yesterday after the company confirmed the offices of three of its German subsidiaries had been visited by members of the German Federal Cartel Office.
RMC, which has a 62 per cent stake in Readymix, the publicly quoted Irish ready mix concrete group, said it believed the visits to subsidiaries of Readymix AG, its principal German company, were part of a wide-ranging investigation into this market in Germany.
The renewed interest of German competition authorities could come as another blow to RMC, which was hit by a £34 million sterling (€55 million) fine last November for being part of a price-fixing cartel in Germany. The company was accused at the time of attempting to reduce competition in eastern Germany from 1995 to 1998.
Four senior managers at RMC were also fined £30,000 to £40,000 for their part in the scandal. The investigation also led to 56 other companies being fined. The company admitted the charges at the time.
RMC was also fined £3.85 million in 1995 by the UK's Restrictive Practices Court after an investigation into price-fixing. A spokesman for the company said yesterday that, following last year's fine, the company had carried out a thorough investigation throughout its German operation.
