BRUSSELS: Amazon's US$1.7 billion acquisition of robot vacuum cleaner maker iRobot faces a full-scale EU antitrust investigation, people familiar with the matter said, weeks after the US online retail giant won UK approval for the deal. Amazon announced the takeover in August last year to expand its portfo
BRUSSELS: Amazon's US$1.7 billion acquisition of robot vacuum cleaner maker iRobot faces a full-scale EU antitrust investigation, people familiar with the matter said, weeks after the US online retail giant won UK approval for the deal.
IRobot shares fell about 10 per cent, their largest percentage drop since February last year, while Amazon shares trimmed gains after the Reuters story was published. Amazon is unlikely to offer remedies during this initial phase, one of the people said. It has a final shot in the next few days at convincing the EU competition watchdog that the deal is pro-competitive, although the odds against it are high.
The UK competition agency in its decision last week backed the argument and said it did not see Amazon using its market power to disadvantage rival robot vacuum cleaner makers.
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