Morocco’s competition council said on Thursday it fined Swiss construction chemicals maker Sika AG SIKA.S 11.7 million dirhams ($1.2 million) because it did not consult the Moroccan regulator over its takeover of France’s Dry Mix Solutions, another construction material company.
Sika, which operates in 101 countries including Morocco, neither informed the council nor received its go-ahead for the acquisition of Dry Mix Solutions, the competition council said in a statement.
Sika has agreed to pay the fine, the Moroccan regulator said. This was the first time the Moroccan regulator, which has been idle for years, penalized a company for non-compliance with the country’s competition law.
Sika in 2019 completed its acquisition of Dry Mix Solutions, operating under the name Parex, according to European Commission documents.
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