CRH likely to appeal €32m Swiss price-fixing fine

CRH is expected to appeal a decision by Switzerland’s competition commission to fine it €32m for alleged price-fixing.

The long-running probe into pricing levels by bathroom fittings suppliers, in the country, yesterday resulted in fines of €270m being imposed on various members of the Association of Swiss Wholesalers of the Sanitary Industry — of which three CRH subsidiaries are members.

The basis of the commission’s findings are not expected to be published for another four months, but when they are, CRH will have the option to appeal the decision.

While it declined to comment on its intentions, the building materials giant is likely to appeal given that it has reiterated its view that the commission’s position is “fundamentally ill-founded” and “unjustified”.

Another reason why CRH is expected to appeal lies in the fact that the €32m fine being directed towards the group is 70% less than was being proposed by the commission last year; strengthing CRH’s argument.

Meanwhile, CRH is believed to have pulled the plug on a prospective €800m bid for the number two cement player in South Korea.

Last month, the Mergermarket news service reported that the Dublin-headquartered building materials group — which is set to become the third largest player in the world on the back of its pending €6.5bn swoop for assets being made available by the merger between European peers, Holcim and Lafarge — was a bidder for Tonyang Cement & Energy, the second largest cement producer in Korea.

While CRH declined to comment on the matter, Mergermarket has now reported that the Irish group has withdrawn from the process.