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. 2. Hub and spoke - vertical relationships - converted to horizontal cartels. Undertakings must determine policy independentlyConcerted practice = Co-ordination between undertakings which, without having reached the stage where an agreement, properly so called, has been concluded, knowingly substitutes practical co-operation between them for the risks of competition (Dyestuffs)An exchange can be anti-competitive by object if it is capable of removing the uncertainties concerning intend1141
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