Thursday, May 18, 2017

Facebook Condemned By EU As Part Of Whatsapp Buyout

The European Commission imposed a fine of 110 million euros on the social network Facebook on Thursday because the US company provided inaccurate information during the EU investigation into its takeover of the mobile application WhatsApp.

"Today's decision sends a strong signal to companies, showing that they must respect all aspects of the EU Merger Regulation, including the obligation to provide accurate information," said Commissioner European Commission to Competition, Margrethe Vestager, quoted in a statement.
On October 3, 2014, the European Commission, the guardian of competition in Europe, gave the green light to the $ 19 billion acquisition of WhatsApp by Facebook.
Facebook responded immediately to Thursday's announcement: "We have acted in good faith since our first meetings with the European Commission and we have sought to provide accurate information every time."
"The error we made in the documents provided in 2014 was unintentional and the Commission confirmed that this did not have an impact on the outcome of the merger review," said one portal - Facebook spokesman, Aled Williams, to AFP.
"The announcement today closes the deal," he added.

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