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☆ Microsoft, Amazon AI partnerships face scrutiny from British regulators
▼ + stars: | 2024-04-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

A Microsoft logo seen displayed on a smartphone screen and Amazon logo in the background in Athens, Greece on October 5, 2023. British antitrust regulators are seeking views on partnerships between Microsoft and Amazon with smaller generative AI model makers. Microsoft recently made a 15 million euro ($16 million) investment into Mistral, a young French AI firm set up by former employees of Meta and Google's DeepMind AI lab. Amazon, meanwhile, has invested a whopping $4 billion into U.S. AI firm Anthropic, which is behind the Claude large language model and chatbot. An Amazon spokesperson said it was "unprecedented" for the CMA to review a collaboration of the kind that the company had agreed with Anthropic.

Persons: Claude, it's Organizations: Microsoft, Markets Authority, French, Amazon, CMA, Mistral, Meta, Competition, Anthropic Locations: Athens, Greece, French, Anthropic

☆ Google's controversial move to kill the web cookie just got delayed until 2025
▼ + stars: | 2024-04-24 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

Google delayed the removal of third-party cookies from Chrome again. AdvertisementGoogle is delaying its removal of third-party cookies on Chrome — again. Third-party cookies are small data files stored on a user's device. Related storiesIn January, Google experimented with phasing out cookies for 1% of Chrome users, which is about 30 million people. "We welcome Google's announcement clarifying the timing of third-party cookie deprecation," a CMA spokesperson told BI.

Persons: —, It's, hinging, Stephen Almond, Almond Organizations: Google, CMA, ICO, Service, Apple, Mozilla, Chrome, Markets Authority, Consumers Locations: aaltchek@insider.com

☆ Google is once again dictating the future of the online ad industry and all its rivals can do is brace for impact
▼ + stars: | 2024-04-24 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +7 min

When Google sneezes, the entire online advertising industry catches a cold. Google's announcement Tuesday that it would again delay its planned timeline for killing off third-party tracking cookies had long been anticipated by the digital advertising industry. Google has a 28% share of the online ad market, according to market research firm Emarketer (a sister company to BI). Regulators could step in to resolve the cookie chaosSome industry experts are hoping regulators will step in to untangle the mess. Amid the four years of confusion, chaos, and harumphing, there has been one consistent theme: When it comes to the future of online advertising, Google calls the shots.

Persons: Ciaran O'Kane, WireCorp, hasn't, Sundar Pichai, Stephen Lam, Mathieu Roche, James Rosewell, Google's, haven't, Pierre Devoize, Devoize Organizations: Google, Business, Gmail, Antitrust, US Department of Justice, European Commission, UK's, Markets Authority, CMA, Industry, IAB Tech, EU Google, Chrome, Movement Locations: FirstPartyCapital

☆ ESMA chair: Crypto market remains very volatile
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailESMA chair: Crypto market remains very volatileVerena Ross, the chair of the European Securities and Markets Authority, speaks to CNBC's Karen Tso, warning against the highly concentrated nature of trading in the crypto sector.

Persons: Verena Ross, Karen Tso Organizations: European Securities and Markets Authority

☆ ‘Climate-Controlled’ Sausage? Courts Crack Down on ‘Greenwashing’
▼ + stars: | 2024-04-12 | by ( Somini Sengupta | ) www.nytimes.com time to read: +1 min

A “climate-controlled” sausage. New trousers labeled “recycled.” A “sustainable” airline ticket. More and more, big brands are using taglines like these to cater to their green-minded customers. And more and more, they are under fire from courts and regulators for making climate promises they can’t keep. Researchers at the Grantham Research Institute on Climate Change and the Environment last year identified “an explosion of ‘climate-washing’ cases,” using existing national laws and regulations.

Organizations: Grantham Research, Danish Crown, Markets Authority Locations: Grantham, Denmark, Britain

☆ UK regulator refers Vodafone's merger with Three for in-depth competition probe
▼ + stars: | 2024-04-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The U.K. competition regulator on Thursday referred the proposed merger between Vodafone and CK Hutchison's Three mobile network to an in-depth investigation. The CMA has given itself a deadline of Sept. 18 to complete the in-depth probe, also known as a phase 2 investigation. The CMA has previously said the deal could lead to customers facing higher prices and reduced quality, a lessening of competition in the U.K. mobile market. Announced last year, Vodafone and CK Hutchison's transaction would merge the two brands' U.K. businesses, giving Vodafone a 51% controlling stake and leaving CK Hutchison with the minority interest. Vodafone and Three reiterated that "there will be no change to each operator's pricing strategy as a result of the merger."

Persons: Margherita Della Valle, CK Hutchison Organizations: Vodafone, CK, Markets Authority, CMA, Regulators, CK Hutchison Locations: London, British, United Kingdom

☆ Budweiser owner AB InBev slides 4% after trading suspension as Altria sells stake
▼ + stars: | 2024-03-14 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

AB InBev Budweiser and Bud Light brand beer cans at a store in the Queens borough of New York on Feb. 28, 2024. Shares of AB InBev, the world's biggest brewer, slipped more than 4% Thursday as trading resumed following a brief suspension amid emerging details of a sale by one of its major stakeholders. Trading of AB InBev resumed at 2 p.m. local time after details were released on the pricing of the share sale. AB InBev said it plans to buy back $200 million worth of shares. Altria said it planned to use the proceeds from the sale to fund additional share buybacks of its own stock.

Persons: Altria Organizations: InBev Budweiser, Bud Light, InBev, Trading, Belgium's Financial Services, Markets Authority, AB InBev Locations: Queens, New York, Belgian

☆ Unilever and Dell have shut down some sustainability marketing initiatives as big corporations embrace 'green hushing'
▼ + stars: | 2024-02-27 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +7 min

Late last month, computing giant Dell cut part of its marketing team that focused on sustainability and other ESG-related marketing roles, Business Insider has learned. This story is available exclusively to Business Insider subscribers. AdvertisementThis is feeding into a growing trend of "green hushing," where companies stop publicizing their sustainability efforts due to concerns around regulatory scrutiny or a consumer backlash, experts say. Other sustainability agencies have been absorbed into wider offerings, R3 EVP of delivery Sarah Tan told Business Insider. Leo Rayman, head of the sustainability consultancy and venture studio Eden Lab, said that the green hushing phenomenon could suggest a sign of maturity in the space.

Persons: we're, Hein Schumacher, hushing, Pimco, , Harriet Kingaby, Sarah Tan, Kingaby, Bud, Bud Light, influencer Dylan Mulvaney, Guy Parker, — that'll, Parker, Leo Rayman, Rayman, Townsend Organizations: Dell, Business, Unilever, JPMorgan, State, ACT Climate Labs, Media, Advertising Network, Brands, Green Guides, Standards Authority, ASA, BMW, Shell, Etihad Airways, Competition, Markets Authority, Eden, Sustainability

☆ Amazon and Roomba maker call off acquisition deal, iRobot lays off staff instead
▼ + stars: | 2024-01-29 | by ( Jennifer Korn | ) edition.cnn.com time to read: +4 min

CNN —Amazon and iRobot, the maker of the popular Roomba vacuum, mutually called off their estimated $1.7 billion acquisition deal Monday, citing numerous regulatory hurdles. Amazon (AMZN), which was up about 0.5% in noon trading, will pay iRobot a previously agreed-upon $94 million cancellation fee. IRobot said the restructuring plan, impacting around 350 employees, is intended to save the company up to $150 million. In November, the European Commission said the deal could hamper competition in the robot vacuum sector. Earlier this month, the Wall Street Journal reported that the European Commission planned to block the deal.

Persons: iRobot, Colin Angle, Glen Weinstein, IRobot, “, ” Andrew Miller, iRobot’s, ” David Zapolsky, Lina Khan, ”, Meta Organizations: CNN, European, Federal Trade, European Union, European Commission, Wall Street Journal, Amazon, Federal Trade Commission, Commission, Amazon . Tech, Adobe, EU, UK, Nvidia, UK’s Competition, Markets Authority, Activision Blizzard, CMA Locations: Europe

☆ UK opens antitrust probe into Vodafone merger with CK Hutchison's Three mobile network
▼ + stars: | 2024-01-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

A pedestrian walks past a Vodafone store in central London on May 16, 2023. British mobile giant Vodafone is to axe 11,000 jobs over three years in the latest cull to hit the tech sector, as new boss Margherita Della Valle slammed recent performance. Britain's competition watchdog on Friday said it is opening an investigation into the proposed merger between Vodafone and the Three UK mobile network owned by CK Hutchison . The initial probe will look at whether the deal will lead to a "substantial lessening of competition," according to the U.K. Competition and Markets Authority (CMA). "The CMA will assess how this tie-up between rival networks could impact competition before deciding next steps."

Persons: Margherita Della Valle, CK Hutchison, Sarah Cardell Organizations: Vodafone, CK, U.K, Competition, Markets Authority, CMA Locations: London, British

The Swiss government on Wednesday selected Stefan Walter, a 59-year-old German national who was director-general of the European Central Bank for the last decade, to head the Swiss financial authority known as FINMA. Swiss authorities feared the collapse of such a major lending institution could further roil global financial markets following the failure of two U.S. banks last year. The troubles at Credit Suisse threatened to unhinge Switzerland's position as a leading financial market, and the takeover left the country with only one internationally important bank: UBS. Political Cartoons View All 253 ImagesA parliamentary panel created after the government-orchestrated merger has been looking into the origins of the deal. Walter, who has a master's degree in international banking from Columbia University in New York, will start the job on April 1, the Swiss government said.

Persons: Stefan Walter, Walter, Urban Angehrn, Angehrn, Mark Branson, Marlene Amstad, ” Amstad, SRF, FINMA Organizations: GENEVA, UBS, Credit Suisse, Swiss, European Central Bank, Federal Council, Columbia University Locations: Swiss, U.S, British, New York

☆ iRobot shares tank 30% on report EU plans to block Amazon acquisition
▼ + stars: | 2024-01-18 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

Shares of iRobot plunged more than 33% in extended trading on Thursday after a report said the EU's antitrust watchdog intends to block Amazon 's planned acquisition of the Roomba vacuum maker. A representative from the European Commission didn't immediately respond to a request for comment. The European Commission, the European Union's top antitrust enforcer, opened an in-depth probe into the purchase last July. The group warned the planned acquisition raises competition concerns, saying it found Amazon may hinder iRobot's rivals from competing on its online marketplace. Earlier this month, Politico reported Amazon doesn't plan to offer concessions to resolve the group's concerns about the acquisition.

Persons: vacuums, iRobot Organizations: Street Journal, European, Amazon, European Commission, Politico, U.S . Federal Trade Commission, Markets Authority Locations: San Rafael , California

☆ Satya Nadella says Microsoft just wants stability and good governance at OpenAI— not a board seat
▼ + stars: | 2024-01-16 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Satya Nadella said he's "not interested" in a seat on OpenAI's board. "I'm comfortable, I have no issues with any structure, what we just want is good stability and as I said we don't even need, I'm not interested in a board seat," he said. The comments come after a tumultuous week at OpenAI in November in which CEO Sam Altman was ousted, only to return a week later. AdvertisementThe Microsoft chief doubled down on his comments regarding an OpenAI board seat: "It doesn't matter to me right, I mean the board seat is not the critical path at all for us." Microsoft didn't immediately respond to a request for comment from Business Insider, made outside normal working hours.

Persons: Satya Nadella, I'm, Sam Altman, Altman, Nadella Organizations: Service, Bloomberg, Economic, Microsoft, Business, OpenAI, Markets Authority, European Commission, EU, Apple Locations: Davos, OpenAI

☆ iRobot shares plunge 19% on report Amazon won't offer concessions to resolve EU probe
▼ + stars: | 2024-01-10 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

Shares of iRobot closed down 19% on Wednesday, after a report said Amazon will not offer concessions to Europe's antitrust watchdog in a bid to clear its planned $1.7 billion acquisition of the Roomba maker. Representatives from iRobot and the European Commission did not immediately respond to CNBC's request for comment. Shares of Amazon closed up 1.5% on Wednesday. The European Commission opened an in-depth probe into the purchase last July and is expected to rule on the deal by Feb. 14. Amazon announced its intention to acquire iRobot in August 2022 for $61 per share in an all-cash deal.

Organizations: Politico, European Commission, Amazon, iRobot, U.S . Federal Trade Commission, Markets Authority, CNBC PRO Locations: iRobot

Here's the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024. "However, much of their work has involved providing guidance to the industry through enforcement actions," continued Levin. Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations. The U.S.'s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.

Persons: Al Drago, Binance, Sam Bankman, Renato Mariotti, Mariotti, Richard Levin, Nelson Mullins Riley, Levin, ada, Changpeng Zhao, Damian Williams, Brian Armstrong, Armstrong, Alyse Killeen, Scarborough's Levin, FinCEN, Killeen, Diem, USDC, Braden Perry, it's, Kennyhertz Perry, Perry, Bafin Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Regulators, Securities and Exchange Commission, U.S, Alameda Research, U.S . Justice Department's Securities, Commodities, CNBC, Capitol, SEC, Futures Trading Commission, Department of Justice, Scarborough, CFTC, Protocol Labs, Southern, of, Stillmark, Meta, Visa, Mastercard, U.S ., European, IRS, European Union, EU, France's Financial Markets Authority, AMF, Treasury, Monetary Authority of, Three Arrows, Terra Labs, Terra, Hong Kong Securities, Futures Commission, SFC, OSL Locations: Washington, Europe, Asia, U.S, Alameda, of New York, European, Crypto, Ireland, Germany, France, Italy, Netherlands, Singapore, Dubai, Hong Kong, Monetary Authority of Singapore, China, East, Africa

Read previewThe firing and rehiring of OpenAI CEO Sam Altman has undone months of effort by Microsoft to avoid antitrust regulators probing its massive investment in the startup. It's tough to keep a huge business partnership like this out of what can be intense scrutiny from antitrust regulators. Nadella agreed to give Altman and Brockman their own research arm at Microsoft, if he couldn't negotiate their return to OpenAI. Another interpretation is that Microsoft is keen to show antitrust regulators that OpenAI is an independent company, and not controlled by the software giant. AdvertisementDo you work for OpenAI or Microsoft, or are you someone with a tip or insight to share?

Persons: —, Sam Altman, Lina Khan, OpenAI, Altman, Satya Nadella, Kevin Scott didn't, Kevin, Satya, Microsoft's, Brad Smith, Frank Shaw, Sam, Nadella, Altman's, Greg Brockman, Brockman, Amy Hood, ChatGPT, doesn't, Kali Hays, Ashley Stewart, Darius Rafieyan Organizations: Service, Microsoft, Business, FTC, OpenAI, Activision, Blizzard, Markets, Bloomberg, Chief Locations: OpenAI, khays@insider.com, astewart@insider.com

☆ Amazon latest to criticise Microsoft in UK cloud market probe
▼ + stars: | 2023-12-05 | by ( Martin Coulter | ) www.reuters.com time to read: +2 min

REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsLONDON, Dec 5 (Reuters) - Amazon (AMZN.O) has told Britain's antitrust authority its rival Microsoft (MSFT.O) uses business practices that restrict customer choice in the cloud computing market, the second major company to criticise the U.S. tech giant's operations. Britain's Competition and Markets Authority (CMA) launched an investigation into the country’s cloud computing industry in October, following a referral from media regulator Ofcom that highlighted Amazon and Microsoft’s dominance of the market. “To use many of Microsoft’s software products with these other cloud services providers, a customer must purchase a separate license even if they already own the software,” Amazon said. In its own submission to the CMA, Microsoft said Britain's cloud computing market remained competitive. "There are many sources of competition in the cloud market in the UK.

Persons: Fabian Bimmer, Amazon, Martin Coulter, Jane Merriman, Mark Potter Organizations: Microsoft, Hannover Messe, REUTERS, Britain's, Markets Authority, CMA, Ofcom, ”, Reuters, Google, Oracle, IBM, Thomson Locations: Hanover, Germany

☆ Central banks of India, England resolve trade settlement stand-off
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO: A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas//o/File Photo Acquire Licensing RightsMUMBAI, Dec 1 (Reuters) - The central banks of India and England on Friday signed an agreement on information exchange for settlement of bond trades, the Reserve Bank of India (RBI) said. In India, bonds are settled through the Clearing Corporation of India (CCIL). The two central banks have also established a framework for the BoE to rely on the Indian central bank's regulatory and supervisory activities, while safeguarding the United Kingdom's financial stability, the RBI said. This meant that European banks had to settle their India-based trades through banks based in other jurisdictions.

Persons: Francis Mascarenhas, BoE, CCIL, Siddhi Nayak, Jayshree, Nivedita Bhattacharjee, Sohini Organizations: Bank of India, REUTERS, Rights, Reserve Bank of India, Clearing Corporation of India, Bank of England, United, European Securities and Markets Authority, Siddhi, Thomson Locations: Mumbai, India, England

☆ Exclusive: Google pushes for antitrust action against Microsoft in UK cloud market
▼ + stars: | 2023-11-30 | by ( Martin Coulter | ) www.reuters.com time to read: +4 min

In 2022, Amazon Web Services (AWS) and Microsoft's Azure had a combined 70-80% share of Britain's public cloud infrastructure services market, Ofcom said. Such practices directly harmed customers, and were the only significant barrier to competition in Britain’s cloud computing market, the company said. "A lot of our software and cloud services interoperate, and can run on AWS or on Azure as well, so you're not restricted," he said. "If you don't fix this, eventually you will have fewer cloud providers, and then innovation will not really happen, and investments will start shrinking." Asked why Amazon, which boasts a larger share of the cloud market than Microsoft, did not pose a similarly anticompetitive risk, Zavery said AWS consumers were not facing the same restrictions.

Persons: Arnd, Amit Zavery, Microsoft’s, Zavery, ”, Martin Coulter, Jeffrey Dastin, Kenneth Li Organizations: REUTERS, Microsoft, Reuters, European Union, CMA, Markets Authority, Ofcom, Amazon Web Services, Google, Google Cloud, Thomson Locations: Zurich, Switzerland, Britain, London, New York

☆ UK antitrust regulator wins appeal over Apple probe
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +2 min

The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar Acquire Licensing RightsLONDON, Nov 30 (Reuters) - Britain's antitrust regulator can investigate Apple's (AAPL.O) mobile browser and cloud gaming services, London's Court of Appeal ruled on Thursday, overturning a lower court decision the watchdog said could undermine its power to launch probes. The Competition and Markets Authority (CMA) opened a full investigation last year into the dominance of Apple and Alphabet Inc's Google (GOOGL.O) in mobile browsers. The Competition Appeal Tribunal (CAT) ruled in Apple's favour in March, but the Court of Appeal upheld the CMA's appeal on Thursday. The CMA said its investigation is on hold pending any application for permission to appeal to the Supreme Court.

Persons: Mike Segar, Judge Nicholas Green, Green, Sarah Cardell, Sam Tobin, Michael Holden, Jane Merriman Organizations: Apple Inc, Apple, REUTERS, London's, Markets Authority, CMA, Google, CAT, Supreme, Thomson Locations: Manhattan , New York, U.S, Apple's

☆ Adobe’s $20 Billion Purchase of Figma Would Harm Innovation, U.K. Regulator Provisionally Finds
▼ + stars: | 2023-11-28 | by ( Joseph Hoppe | ) www.wsj.com time to read: 1 min

Photo: Gabby Jones/Bloomberg NewsThe U.K. Competition and Markets Authority said it has provisionally found Adobe ’s planned $20 billion acquisition of collaboration-software company Figma would likely harm innovation for software used by the vast majority of U.K. digital designers. The regulator said Tuesday that, following a detailed Phase 2 investigation, it provisionally found that the deal would eliminate competition between two main companies in product-design software, reduce innovation and the development of new competitive products, and remove Figma as a threat to Adobe’s flagship Photoshop and Illustrator products.

Persons: Gabby Jones Organizations: Bloomberg, Competition, Markets Authority

☆ UK regulators say Adobe's $20 billion Figma acquisition could harm competition
▼ + stars: | 2023-11-28 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

Britain's top competition watchdog said Tuesday that Adobe 's proposed $20 billion acquisition of Figma could harm the U.K.'s digital design sector, findings that could mean a major setback for the merger. The Competition and Markets Authority said the deal could "eliminate competition," "reduce innovation" and "remove Figma as a threat to Adobe's flagship Photoshop and Illustrator products," according to a release. Adobe announced plans to buy Figma, which allows users to collaborate on app and website design, for $20 billion in September last year. "We are reviewing the provisional findings and will reengage with the CMA on the facts and merits of the case." David Wadhwani, a key Adobe executive behind the Figma deal, expressed frustration in October over the slow pace of regulatory approval.

Persons: David Wadhwani, Figma, Jordan Novet, Shantanu Narayen Organizations: Adobe, Adobe Creative, Markets Authority, U.S . Department of Justice, European Union, CMA, CNBC Locations: San Francisco

☆ UK regulator says Adobe's $20 bln Figma deal could harm sector
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: 1 min

Adobe logo is seen on smartphone in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 28 (Reuters) - Britain's competition regulator on Tuesday said Photoshop owner Adobe Inc's (ADBE.O) $20 billion buyout of cloud-based designer platform Figma would "likely harm innovation for software used by the vast majority of UK digital designers." In July, the Competition and Markets Authority (CMA) launched an in-depth, or phase two, investigation into the deal after Adobe said it would not offer any concessions to ease the regulator's concerns. Reporting by Eva Mathews in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Eva Mathews, Nivedita Organizations: REUTERS, Adobe, Markets Authority, CMA, Thomson Locations: Bengaluru

☆ iRobot shares plunge 19% after EU warns Amazon deal 'may restrict competition'
▼ + stars: | 2023-11-27 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Shares of iRobot plunged as much as 19% on Monday after the EU's antitrust watchdog issued a warning that Amazon 's planned $1.7 billion acquisition of the Roomba maker raises competition concerns. "iRobot, which faces intense competition from other vacuum cleaner suppliers, offers practical and inventive products," the spokesperson said. iRobot shares were briefly halted earlier Monday afternoon following the announcement. Amazon shares were up about 1.4%. The commission's announcement comes after iRobot shares rocketed 39% on Friday after Reuters reported the deal is set to "win unconditional EU antitrust approval," citing three sources familiar with the matter.

Persons: vacuums, iRobot Organizations: European Commission, Amazon, CNBC, U.S . Federal Trade Commission, Markets Authority, iRobot, Reuters, EU Locations: San Rafael , California

☆ iRobot shares close up 39% on report Amazon deal set to get EU approval
▼ + stars: | 2023-11-24 | by ( Todd Haselton | ) www.cnbc.com time to read: +1 min

Shares of iRobot , the maker of Roomba vacuums, closed up about 39% Friday after a report said the European Union is set to approve Amazon's $1.7 billion acquisition of the company. Reuters said Thursday morning the deal is set to "win unconditional EU antitrust approval," citing three sources familiar with the matter. The European Commission is expected to rule on the deal by Feb. 14. Representatives from the European Commission didn't immediately respond to CNBC's request for comment. The acquisition marks Amazon's fourth-largest deal, behind its $13.7 billion purchase of grocery chain Whole Foods in 2017, its $8.45 billion purchase of film studio MGM in 2021 and its $3.9 billion acquisition of boutique primary-care provider One Medical, announced last July.

Persons: Roomba, —, Annie Palmer Organizations: European Union, Reuters, European, European Commission, U.S . Federal Trade Commission, Markets Authority, Amazon, iRobot, MGM, CNBC, YouTube, CNBC PRO

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