Nucor earnings beat by $0.08, revenue fell short of estimates
LONDON - The UK Competition and Markets Authority (CMA) has launched a consultation on voluntary commitments offered by seven major UK housebuilders, including Bellway (LON:BWY) plc, to close its investigation into the sector, according to a press release statement issued Wednesday.
Under the proposed settlement, the seven companies would contribute a total of £100 million to government programs supporting affordable housing construction across the UK. Bellway’s portion of this payment amounts to £13.5 million.
The CMA initiated its investigation into the housebuilding sector on February 26, 2024. The other six housebuilders involved in the proposed settlement are Barratt Redrow (LON:RDW) plc, The Berkeley Group (OTC:BKGFY) plc, Bloor Homes Limited, Persimmon (LON:PSN) plc, Taylor Wimpey (LON:TW) plc, and Vistry Group plc.
Bellway stated it has engaged proactively with the regulator throughout the investigation process and voluntarily offered the binding commitments to address potential concerns raised by the CMA.
The company emphasized that its offer does not constitute an admission of wrongdoing, noting that the CMA has made no determination regarding any infringement of competition law.
The consultation process will allow interested parties to provide feedback on the proposed commitments before the CMA makes its final decision on whether to accept them as a resolution to its investigation.
Bellway indicated it would continue to work constructively with the CMA throughout the remainder of the consultation process.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.