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class="bde-icon-34868-127 bde-icon"> <a class="breakdance-link bde-icon-icon breakdance-icon-atom" href="#" target="_self" data-type="action" data-action='{"type":"popup","popupOptions":{"popupId":"34948","popupAction":"open"}}' > <svg xmlns="http://www.w3.org/2000/svg" fill="none" height="512" viewBox="0 0 24 24" width="512"><path clip-rule="evenodd" d="m3 6c0-.55228.44772-1 1-1h16c.5523 0 1 .44772 1 1s-.4477 1-1 1h-16c-.55228 0-1-.44772-1-1zm0 6c0-.5523.44772-1 1-1h10c.5523 0 1 .4477 1 1s-.4477 1-1 1h-10c-.55228 0-1-.4477-1-1zm0 6c0-.5523.44772-1 1-1h5c.55228 0 1 .4477 1 1s-.44772 1-1 1h-5c-.55228 0-1-.4477-1-1z" fill="rgb(0,0,0)" fill-rule="evenodd"/></svg> </a> </div></div> </header><style>.breakdance .bde-section-36062-100{background-color:#616161;background-image:url(https://fideres.com/wp-content/uploads/2019/11/drainage-pipe-scaled.jpg);background-repeat:no-repeat;background-position:center center}.breakdance .bde-section-36062-100>.section-background-overlay{background:linear-gradient(99deg,rgba(0,0,0,1) 0%,rgba(0,0,0,0) 100%)}.breakdance .bde-section-36062-100>.section-background-overlay{opacity:0.7}</style><section class="bde-section-36062-100 bde-section"> <div class="section-background-overlay"></div> <div class="section-container"><h1 class="bde-heading-36062-101 bde-heading"> Pipe Dreams </h1><div class="bde-div-36062-120 bde-div"> <ul class="bde-post-meta-36062-102 bde-post-meta"> <li class="ee-postmeta-author-wrap"> <span class="ee-postmeta-author"><span class="ee-postmeta-before">By </span>Max Theiler</span> </li> <li class="ee-postmeta-custom-wrap"> <span class="ee-postmeta-custom">November 28, 2019</span> </li> <li class="ee-postmeta-custom-wrap"> <span class="ee-postmeta-custom">Research</span> </li> </ul><div class="bde-shortcode-36062-119 bde-shortcode"> <span class="span-reading-time rt-reading-time"><span class="rt-label rt-prefix">Reading Time:</span> <span class="rt-time"> 2</span> <span class="rt-label rt-postfix">minutes</span></span> </div> </div></div> </section><section class="bde-section-36062-103 bde-section"> <div class="section-container"><div class="bde-rich-text-36062-104 bde-rich-text breakdance-rich-text-styles"> <h2>Key Points</h2> <div class="elementor-widget-container"> <ul> <li>The Competition and Markets Authority (CMA) has imposed fines of more than £36m on suppliers of pre-cast concrete drainage products for breaching competition law.</li> <li>CPM Group Limited, FP McCann Limited and Stanton Bonna Concrete Limited are the named manufacturers involved in the cartel.</li> <li>Fideres’s preliminary estimate shows that direct purchasers may have suffered damages in excess of £40m.</li> </ul> </div> <h2>The Allegations</h2> <p>On 23 October 2019, the CMA issued a decision finding that three suppliers of precast concrete drainage products had infringed United Kingdom (UK) and European Union (EU) competition law in relation to the supply of these products to customers in Great Britain between July 2006 and March 2013.</p> <p>According to the CMA’s decision, the suppliers engaged in anticompetitive conduct by:</p> <div class="elementor-widget-container"> <ul> <li>Fixing or coordinating their prices,</li> <li>Sharing the market by allocating customers, and</li> <li>Exchanging competitively sensitive information</li> </ul> </div> <p>The CMA recorded, as evidence, several meetings where the above information was discussed. In 2018, Stanton Bonna Concrete and CPM Group both accepted that they participated in the infringement and as a result, they have received reductions to their fines as part of CMA’s provisions for leniency and settlement processes.<a href="https://www.gov.uk/government/news/construction-firms-fined-36-million-for-breaking-competition-law" target="_blank" rel="noopener"><sup>1</sup></a></p> <h2>The Precast Concrete Drainage Market</h2> <p>Precast concrete is a construction product produced by casting wet concrete in a reusable mould or form which is then cured in a controlled environment, transported to the construction site and installed. Precast products can be divided into over ten main types, of which drainage is one of them – it includes pipes, culverts and manholes.<a href="https://www.sustainableconcrete.org.uk/Sustainable-Concrete/What-is-Concrete.aspx" target="_blank" rel="noopener"><sup>2</sup></a></p> <p style="text-align: left">We estimate the above-ground drainage and the below-ground piping systems market in the UK to be worth more than £250m per year in terms of revenues.</p> <p style="text-align: center"><em><span style="font-size: 10pt"><img loading="lazy" class="aligncenter wp-image-29672 size-large" src="https://fideres.com/wp-content/uploads/2019/11/Picture1-Revenues-1024x508.png" alt="" width="1024" height="508" />Source: Companies House Data, Company Financial Accounts</span></em></p> <p><a href="#_ftnref1" name="_ftn1"></a></p> <h2>Preliminary Damages Estimate</h2> <p>The CMA decision does state which percentage of the cartelists’ revenues are attributable to collusive activities. There is also very little publicly available data on historical prices for drainage pipes at the wholesale level. As a result, Fideres has developed preliminary estimates of losses sustained by direct purchasers of drainage products during the cartel based on the following assumptions:</p> <div class="elementor-widget-container"> <ul> <li>Since all cartelists sell a range of precast concrete products, we assume that about half of the their revenues are derived from drainage pipes and similar products that are covered by the CMA decision</li> <li>In the absence of overcharge information, we conduct a sensitivity analysis based on two plausible scenarios.</li> </ul> </div> <p style="text-align: left">The results of our analysis are shown below:</p> <table id="tablepress-38" class="tablepress tablepress-id-38"> <thead> <tr class="row-1 odd"> <th class="column-1">Price Inflation During Cartel Period</th><th class="column-2">Estimated Losses (£ millions)</th> </tr> </thead> <tbody class="row-hover"> <tr class="row-2 even"> <td class="column-1">10%</td><td class="column-2">39</td> </tr> <tr class="row-3 odd"> <td class="column-1">20%</td><td class="column-2">72</td> </tr> </tbody> </table>  <h6 style="text-align: center"></h6> <h6 style="text-align: center"><em><span style="font-size: 10pt">Source: Fideres</span></em></h6> <h2>Follow-on Claims</h2> <p>Given that drainage pipes are essential for a large infrastructure projects, a wide range of end-user markets such as road systems, railways and water management projects, may have been affected by the cartel. Some examples for each of these markets are given below:</p> <table id="tablepress-39" class="tablepress tablepress-id-39"> <thead> <tr class="row-1 odd"> <th class="column-1">End-user Markets</th><th class="column-2">Example(s)</th> </tr> </thead> <tbody class="row-hover"> <tr class="row-2 even"> <td class="column-1">Water and sewerage companies</td><td class="column-2">Anglian Water</td> </tr> <tr class="row-3 odd"> <td class="column-1">Rail companies</td><td class="column-2">East Midlands Trains, Chiltern Railways</td> </tr> <tr class="row-4 even"> <td class="column-1">Road construction</td><td class="column-2">GF Roadmarkings</td> </tr> </tbody> </table>  <h6 style="text-align: center"></h6> <h6 style="text-align: center"><em><span style="font-size: 10pt">Source: Company Websites</span></em></h6> <p>In addition to turnover during the infringement period, the CMA fine also considers any mitigating factors. The follow-on claims that will ensue from hereon may require more robust methods to estimate the actual harm incurred by these purchasers.</p> <h6></h6> <p> </p> </div><h1 class="bde-heading-36062-112 bde-heading"> Sources </h1><div class="bde-rich-text-36062-111 bde-rich-text breakdance-rich-text-styles"> <p><span style="font-size: 10pt"><sup>1</sup> <a href="https://www.gov.uk/government/news/construction-firms-fined-36-million-for-breaking-competition-law" target="_blank" rel="noopener">https://www.gov.uk/government/news/construction-firms-fined-36-million-for-breaking-competition-law</a></span></p> <p><span style="font-size: 10pt"><sup>2</sup> <a href="https://www.sustainableconcrete.org.uk/Sustainable-Concrete/What-is-Concrete.aspx" target="_blank" rel="noopener">https://www.sustainableconcrete.org.uk/Sustainable-Concrete/What-is-Concrete.aspx</a></span></p> </div><div class="bde-shortcode-36062-105 bde-shortcode"> <div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"><img src="https://fideres.com/wp-content/uploads/2022/08/maxt.png" width="100" height="100" alt="" itemprop="image"></div><div class="saboxplugin-authorname"><a href="https://fideres.com/author/max_theiler/" class="vcard author" rel="author"><span class="fn">Max Theiler</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p>Max joined Fideres in 2016. He has led the development and implementation of economic models for major collective actions in the US and the UK, contributing to litigation on a variety of topics. His reports and econometric work has been included in cases for conduct including, among others, the FX and LIBOR benchmark manipulation, digital market monopolisation by Apple and Amazon, and consumer claims against a cartel of US generic drug manufacturers, abuse of market power by large regional US hospital systems, restriction of the right to repair by John Deere, and the combined abuse of dominance by Visa and Mastercard in UK payment systems. Before joining Fideres, Max worked at the national laboratory in Los Alamos, New Mexico, as part of a team designing neural networks for applications in machine learning. Max holds an MSc in Economic History from the London School of Economics.</p> </div></div><div class="clearfix"></div></div></div> </div></div> </section><section class="bde-section-36062-124 bde-section"> <div class="section-container"><div class="bde-columns-36062-125 bde-columns"><div class="bde-column-36062-126 bde-column"> <div class="bde-shortcode-36062-123 bde-shortcode"> <div class='next-post-bg' style='background-image: url(https://fideres.com/wp-content/uploads/2019/12/Academic-publishing-original-scaled.jpg);'><a href='https://fideres.com/market-power-in-the-ivory-tower/' class='next-post-link'><span class='link-label'>Previous Post</span><span class='post-title'>Market Power In The Ivory Tower</span></a></div><br> </div> </div><div class="bde-column-36062-127 bde-column"> <div class="bde-shortcode-36062-122 bde-shortcode"> <div class='prev-post-bg' style='background-image: url(https://fideres.com/wp-content/uploads/2019/10/Taxi_4mp.jpg);'><a href='https://fideres.com/new-york-taxi-medallions/' class='prev-post-link'><span class='link-label'>Next Post</span><span class='post-title'>New York Taxi Medallions</span></a></div><br><br> </div> </div></div></div> </section><section class="bde-section-36062-106 bde-section"> <div class="section-container"><h1 class="bde-heading-36062-107 bde-heading"> You May Also Like </h1><div class="bde-post-loop-36062-108 bde-post-loop"> <div class="ee-posts ee-posts-grid"> <article class="ee-post"> <a class="bde-container-link-35993-102-21855 bde-container-link bde-container-link-35993-102 breakdance-link" href="https://fideres.com/sec-fines-standard-poors/" target="_self" data-type="url"> <div class="bde-image-35993-100-21855 bde-image zoomable-image bde-image-35993-100"> <figure class="breakdance-image breakdance-image--28552"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2015/03/Parking-Fine-scaled.jpg" width="2560" height="1658" loading="lazy" > </div> </div> </figure> </div><div class="bde-div-35993-110-21855 bde-div bde-div-35993-110"> <h1 class="bde-heading-35993-101-21855 bde-heading bde-heading-35993-101"> Research </h1><h1 class="bde-heading-35993-103-21855 bde-heading bde-heading-35993-103"> SEC Fines Standard & Poor’s </h1><div class="bde-rich-text-35993-104-21855 bde-rich-text bde-rich-text-35993-104 breakdance-rich-text-styles"> <p>Fines for Standard & Poor’s are too little, too late.</p> </div><div class="bde-div-35993-106-21855 bde-div bde-div-35993-106"> <div class="bde-image-35993-105-21855 bde-image bde-image-35993-105"> <figure class="breakdance-image breakdance-image--"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2023/08/steffen.png" width="2048" height="2048" > </div> </div> </figure> </div><div class="bde-div-35993-109-21855 bde-div bde-div-35993-109"> <h1 class="bde-heading-35993-108-21855 bde-heading bde-heading-35993-108"> March 11, 2015 </h1><h1 class="bde-heading-35993-107-21855 bde-heading bde-heading-35993-107"> Steffen Hennig </h1> </div> </div> </div> </a> </article> <article class="ee-post"> <a class="bde-container-link-35993-102-20694 bde-container-link bde-container-link-35993-102 breakdance-link" href="https://fideres.com/an-epic-judgement/" target="_self" data-type="url"> <div class="bde-image-35993-100-20694 bde-image zoomable-image bde-image-35993-100"> <figure class="breakdance-image breakdance-image--28400"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2021/08/Wave-scaled.jpg" width="2560" height="1707" loading="lazy" > </div> </div> </figure> </div><div class="bde-div-35993-110-20694 bde-div bde-div-35993-110"> <h1 class="bde-heading-35993-101-20694 bde-heading bde-heading-35993-101"> Research </h1><h1 class="bde-heading-35993-103-20694 bde-heading bde-heading-35993-103"> An Epic Judgement </h1><div class="bde-rich-text-35993-104-20694 bde-rich-text bde-rich-text-35993-104 breakdance-rich-text-styles"> <p>Economic review of the Epic v. 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