EU fines Facebook 110 mn euros over misleading information

Thursday 18 May 2017 a week ago 14   Brussels   Print

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Report  Web desk : BRUSSELS: The European Commission on Thursday fined US social media giant Facebook 110 million euros ($120 million) for providing incorrect and misleading information on its takeover of WhatsApp, imposing its biggest penalty linked to a merger. “Today decision sends a clear signal to companies that they must comply with all aspects of EU merger rules, including the obligation to provide correct information,” EU Competition Commissioner Margrethe Vestager said in a statement. “The Commission must be able to take decisions about mergers effects on competition in full knowledge of accurate facts,” Vestager said. Facebook said in response that it cooperated with the Commission. “We have acted in good faith since our very first interactions with the Commission and we have sought to provide accurate information at every turn,” a Facebook spokesperson said. “The errors we made in our 2014 filings were not intentional and the Commission has confirmed that they did not impact the outcome of the merger review. Today announcement brings this matter to a close.” EU regulators cleared the then $19 billion Facebook acquisition of WhatsApp in late 2014, finding no reason to believe it would dampen competition in the burgeoning social media sector. In its statement Thursday, the Commission recalled that the merger rules require companies to provide regulators with the accurate information essential to any review. It noted that when Facebook notified the Commission of the acquisition in 2014, the company had said it would “be unable to establish reliable automated matching between Facebook users accounts and WhatsApp users accounts”. 02