Facebook Challenges UK Competition And Markets Authority's Call - Read Why

September 8, 2021 2:49 PM | 1 min read | Make a Comment

Facebook Inc FB has challenged the Competition and Markets Authority's call for divesting the Giphy, citing access and anti-competitive concerns, Reuters reported.
Facebook alleged "fundamental errors" in the CMA's provisional findings and argued that the antitrust watchdog failed to provide alternative remedies that would have been "far less intrusive and equally effective" for it to clear the deal.
Facebook urged the regulators to carefully weigh "the intrusive step of ordering the sale of a company which does not carry on business in the U.K." and questioned whether the British authority could enforce a global divestment, Bloomberg reports.
The CMA's final decision is due on October 6.
Price Action: FB shares traded lower by 1.31% at $377.16 on the last check Wednesday.

Posted In: Government News Regulations Tech Media Briefs

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