Brazilian Regulator Levies $2B Gas Cartel Fine

Law360, New York (September 1, 2010, 6:43 PM EDT) -- Brazil's competition regulator has slapped five companies and seven executives with a record 2.9 billion Brazilian real ($1.66 billion) fine for allegedly forming an industrial gas cartel.

Brazil's Administrative Council for Economic Defense, or CADE, said Wednesday that Linde Gases, formerly known as AGA SA; Air Liquide Brazil Ltd.; Air Products Brazil Ltd.; Indústria Brasileira de Gases Ltd. and White Martins Gases Industriais formed an illegal cartel to reduce competition.

The probe into the scheme, which used telephone intercepts and searches of the companies and executives...
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