EU plans to fine Google high triple-digit million euro sum, Handelsblatt reports
Brussels is preparing to levy a significant financial penalty against Alphabet's Google, with a German media report indicating a high triple-digit million euro sum. The European Union's decision is reportedly nearing completion and is anticipated to be announced before the upcoming summer break.
German newspaper Handelsblatt reported on Saturday, May 25, that the EU intends to fine Alphabet's Google a substantial amount. This potential penalty would represent a high triple-digit million euro sum.
The report, cited by multiple outlets, indicated that the decision is in its final stages. An official announcement from EU authorities is expected to be made before the summer recess. Handelsblatt also stated that this fine would be the largest of its kind.
Alphabet Inc. is the parent company of Google, which operates a wide array of internet-related services and products. The European Union has previously engaged in antitrust scrutiny of major technology companies, including Google.
Further details regarding the specific grounds for the fine were not immediately available in the reports. The market awaits an official statement from the European Union regarding the matter.