- Amazon.com Inc AMZN looked to settle European antitrust probes over how the U.S. e-commerce giant uses rivals’ sales data and whether it unfairly favors its products.
- The European Commission will likely accept Amazon’s binding proposals by the end of the year, Bloomberg reports.
- The proposals included a commitment to stop using data on independent sellers on its marketplace for its competing retail business.
- Also Read: Amazon, Netflix, Meta And Other Big Tech Could Soon Have To Compensate Telcos For Bandwidth In Europe
- It’s still subject to scrutiny from Germany’s Federal Cartel Office and the U.K.’s competition watchdog.
- The company’s settlement offer also promises to apply equal treatment to all sellers when ranking their offers for the selection of the winner for a “buy box,” where Amazon highlights sellers of a particular product.
- While the settlement will likely be rubber-stamped next month, it could extend into next year.
- Settling the EU investigations means the company will avoid a fine of as much as 10% of its global turnover.
- Price Action: AMZN shares traded higher by 1.29% at $94.62 on the last check Monday.
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