Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Google appeals against record €2.4bn EU antitrust fine

The EU fined Google for favouring its own shopping comparison service in search results over rivals
Google
Google has been accused of abusing its dominance in Europe

Google has appealed against a record €2.4bn antitrust fine imposed by the European Commission in June.

The EU fined the internet giant for abusing its dominance in Europe to position its own shopping comparison service at the top of Google search results.

Margrethe Vestager, the EU’s competition commissioner had said that Google's activity was "illegal under EU antitrust rules".

The Commission ordered Google to stop its practice of promoting its own shopping comparison service above rivals by 28 September.

Google faces a further fine amounting to 5% of the average daily global earning of its parent company Alphabet (NASDAQ:GOOG) if it continues its practices after the deadline.

The company was expected to appeal the fine, which was the largest ever penalty issued by the regulator, after saying it had "respectfully disagreed" with the ruling.

It is anticipated to take years before the Luxembourg-based General Court rules on the case.

Google has not asked for an interim order to suspend the EU decision, a court spokesperson told Reuters.

Another spokesperson said the EU competition enforcer will defend its decision in court.

Google said declined to comment further.

Shares in Alphabet rose 1.07% to US$951.46 each in early US trading.

View full GOOG profile View Profile

Alphabet Timeline

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use