BUDAPEST, July 8 Hungary's competition watchdog GVH has imposed fines totalling 2.79 billion forints ($12.3 million) on eight concrete producers saying they formed a cartel between 2005 and 2007 and curbed competition.
The authority said in a statement that among the eight firms, Cemex Hungaria Kft would have to pay the biggest fine of 644 million forints ($2.83 million).
The Hungarian unit of Austria's STRABAG Epito Zrt would have to pay 428 million forints, and Osteuropeische Zementbeteiligungs AG 550 million forints.
"When setting the fine, GVH considered it a key factor that price fixing and dividing the market qualifies as hard-core cartel and the businesses, with their behaviour which violated the law, significantly limited competition," the GVH said.
The watchdog said it considered the market share of the companies in the Hungarian market in the Budapest transport concrete market when making its ruling. ($1 = 227.2300 Hungarian Forints) (Reporting by Krisztina Than; Editing by Ruth Pitchford)