Amazon Misses EU Deadline for Concessions Over iRobot Deal
January 11 2024 - 6:14AM
Dow Jones News
By Mauro Orru
Amazon.com skipped a Wednesday deadline to offer remedies to the
European Union over its $1.7 billion acquisition of Roomba maker
iRobot, after the bloc had raised concerns that the deal could
stifle competition in the robot vacuum cleaner market.
The European Commission, the EU's executive arm, made its
concerns known in November after conducting an in-depth
investigation into the deal that was outlined in August 2022. The
bloc sent Amazon a so-called statement of objections--a formal step
to inform companies of objections raised against them.
Under EU merger procedures, the deadline for companies to submit
remedies typically falls on working day 65 of a Phase 2
investigation--an in-depth analysis of the merger's effects on
competition--meaning that Amazon had until Wednesday to do so.
When companies submit remedies, these are reflected on the EU's
webpage for the deal in question. However, the webpage for the
iRobot deal shows no remedies.
"We can confirm that the website is up to date," a spokeswoman
for the European Commission said Thursday.
Amazon declined to comment. On Wednesday, iRobot shares plunged
almost 20%, closing at $29.75.
The commission has until Feb. 14 to make a final decision on the
deal.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
January 11, 2024 05:59 ET (10:59 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Amazon.com (NASDAQ:AMZN)
Historical Stock Chart
From Oct 2024 to Nov 2024
Amazon.com (NASDAQ:AMZN)
Historical Stock Chart
From Nov 2023 to Nov 2024
