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Amazon, iRobot abandon merger in face of EU opposition
Reuters
·
1y ago
Medial
Amazon has announced that its proposed $1.4 billion acquisition of iRobot has been abandoned due to a lack of regulatory approval from the European Union. The deal, which aimed to expand Amazon's smart home device offerings, faced opposition from EU antitrust regulators who were concerned that it would harm competition on Amazon's online marketplace. iRobot subsequently announced a restructuring plan that includes cutting 31% of its workforce and the departure of its CEO, Colin Angle. Shares of iRobot fell by 14.7% following the news.
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US FTC was poised to reject Amazon acquisition of iRobot
Economic Times
·
1y ago
Medial
The Federal Trade Commission (FTC) was considering rejecting Amazon's $1.4 billion acquisition of robot vacuum maker iRobot due to EU antitrust concerns. However, before the decision was made, Amazon and iRobot announced the abandonment of the deal. The FTC had met with Amazon to discuss their recommendation to sue and block the acquisition, and a final meeting was scheduled before possible approval for a legal challenge.
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Microsoft's OpenAI partnership could face EU antitrust probe, sources say
Livemint
·
1y ago
Medial
Microsoft's investment of $13 billion in OpenAI could face an antitrust investigation from the European Union (EU), as regulators are gathering evidence to determine if the partnership restricts competition within the EU internal market or if Microsoft's market power distorts the market through certain practices. The EU antitrust regulator has reportedly decided not to investigate the partnership under EU merger rules but may still opt for an antitrust investigation. Microsoft has a non-voting position on the OpenAI board and claims no ownership of the ChatGPT maker. The investigation is still in its early stages and no decision has been made.
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EU antitrust regulator intends to block Amazon's iRobot acquisition
Economic Times
·
1y ago
Medial
The European Union's competition watchdog is reportedly planning to block Amazon's $1.4 billion acquisition of robot vacuum maker iRobot. Amazon was informed during a meeting with European Commission officials that the deal is likely to be rejected, according to The Wall Street Journal. The acquisition has raised concerns about potential competition restrictions in the market for robot vacuum cleaners. Shares of iRobot dropped nearly 40% after the news.
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Amazon likely to face investigation under EU tech rules next year
Economic Times
·
7m ago
Medial
Amazon is expected to face an investigation by EU regulators in 2022 over allegations of favoring its own brand products on its platform. The investigation will be conducted under the European Union's Digital Markets Act, which aims to regulate the power of Big Tech companies. If Amazon is found guilty of breaching the Act, it could face a fine of up to 10% of its global annual turnover. The decision on whether to proceed with the investigation will be made by incoming EU antitrust chief Terera Ribera, who is set to replace Margrethe Vestager next month. Amazon has stated that it is compliant with the Act and has been engaging constructively with the Commission. Other tech companies, including Apple, Google, and Meta Platforms, are also being investigated under the Act.
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iRobot to lay off 350 employees after Amazon terminates acquisition deal
Economic Times
·
1y ago
Medial
Consumer robot maker iRobot is laying off 350 employees, which accounts for about 31% of its workforce, following the termination of its acquisition deal with Amazon. iRobot's CEO, Colin Angle, is also expected to step down. The company anticipates recording restructuring charges of around $12-13 million. Glen Weinstein, iRobot's Chief Legal Officer, has been appointed interim CEO. The deal termination news caused a 10% drop in iRobot's shares. Despite the setback, iRobot is focused on moving forward as a standalone company and achieving profitability.
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EU antitrust regulators halt Amazon, iRobot probe, await info
Economic Times
·
1y ago
Medial
EU antitrust regulators have delayed their investigation into Amazon's acquisition of robot vacuum cleaner maker iRobot due to a lack of requested information from the companies. The European Commission stopped the clock on September 8, with effect from August 29, and will restart it once the missing information is provided. The EU watchdog has expressed concerns that the deal could reduce competition in the robot vacuum cleaner market and strengthen Amazon's dominant position as an online marketplace provider. The previous deadline for the Commission's decision on the deal was December 13.
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Vodafone Idea denies report of acquisition by Amazon, Musk's Starlink, Verizon
IndianStartupNews
·
1y ago
Medial
Vodafone Idea (Vi) has denied recent media reports suggesting that Amazon, Starlink, or Verizon are in talks to acquire the struggling Indian telecom operator. Vi continues to face financial and growth challenges, losing over 100 million customers within a year of its merger with Vodafone. The company is burdened with a significant tax due and is backed by promoters owning 50.36% of the company, with the Indian government holding a 33.18% stake. This refutes earlier speculation of potential investment from Amazon and Verizon.
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Amazon India board clears merger of logistics arm with marketplace entity
Economic Times
·
2m ago
Medial
Amazon Transportation Services (ATS), Amazon's Indian logistics arm, is merging with Amazon Seller Services to simplify the organizational structure and reduce legal compliance. Approved by the National Company Law Tribunal, the merger aims to streamline resources and infrastructure management. ATS, primarily serving Amazon, recently opened to third-party clients. Amazon, like its rivals, has in-house logistics. The merger is unrelated to any plans for a public listing of Amazon's India business.
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VW CEO: Chinese automakers should be allowed to avert tariffs by investing in EU
Livemint
·
9m ago
Medial
- VW CEO, Oliver Blume, suggests a shift from punitive tariffs to mutually beneficial credit for investments. - The European Union plans to impose tariffs on China-made electric vehicles, despite opposition from Germany and its carmakers. - The proposed tariffs could cost carmakers billions of dollars and would be implemented from next month for a period of five years. - The move highlights a significant trade dispute between the EU and China, marking the largest in a decade. - The EU aims to protect its own car industry and create a level playing field by imposing these tariffs.
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A look at how European regulators are cracking down on Big Tech
Economic Times
·
1y ago
Medial
European regulators have taken several actions against Big Tech companies to ensure fair competition and prevent monopolistic practices. These actions include a $2 billion EU antitrust fine imposed on Apple for hindering payment options for music streaming services outside its App Store. Google also faced a 2.42 billion euro EU antitrust fine, and there are discussions about requiring it to divest part of its adtech business. Additionally, Microsoft's investment in OpenAI is being scrutinized for potential violation of EU merger rules. Similar investigations and probes have taken place in the UK, France, Germany, Italy, and the Netherlands.
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