EU Wants to Settle Antitrust Issues as Much as Google (GOOG), It Just Needs Proof
Tweet
Share
E-mailGet Alerts GOOG Hot Sheet
Join SI Premium – FREE
Google Inc. (Nasdaq: GOOG) shares are indicated for a stronger open Monday amid reports the European Union is giving the search giant a chance to settle antitrust issues.
According to Reuters, EU Competition Commissioner Joaquin Almunia is as anxious as Google to settle issues surrounding alleged anti-competitive behavior. The inquiry began in November 2010 following accusations Google was manipulating search results while promoting its own ad services. In total, there are about 16 complaints against Google.
Almunia said in part, "Google has repeatedly expressed to me its willingness to discuss any concerns that the Commission might have without having to engage in adversarial proceedings....I'm giving Google an opportunity to offer remedies to address concerns that we have identified." Should Google be able to come up solutions, the EU would drop the 18-month-long investigation.
Though monetary fines weren't expressed in the reports, the EU Commission can fine companies up to 10 percent of annual global revs, which may be as much as $3.55 billion based on expectations for Google in 2012.
Shares are about 0.4 percent higher in early trading.
According to Reuters, EU Competition Commissioner Joaquin Almunia is as anxious as Google to settle issues surrounding alleged anti-competitive behavior. The inquiry began in November 2010 following accusations Google was manipulating search results while promoting its own ad services. In total, there are about 16 complaints against Google.
Almunia said in part, "Google has repeatedly expressed to me its willingness to discuss any concerns that the Commission might have without having to engage in adversarial proceedings....I'm giving Google an opportunity to offer remedies to address concerns that we have identified." Should Google be able to come up solutions, the EU would drop the 18-month-long investigation.
Though monetary fines weren't expressed in the reports, the EU Commission can fine companies up to 10 percent of annual global revs, which may be as much as $3.55 billion based on expectations for Google in 2012.
Shares are about 0.4 percent higher in early trading.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Anthropic to update data retention policy for enterprise customers - Bloomberg
- Berkshire adds significantly to Alphabet position, starts small position in DR Horton
- ABAT posts record gross profit, wins reinstatement of $57M DOE grant
Create E-mail Alert Related Categories
Insiders' Blog, LitigationSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
