Current:Home > MarketsEU Commission blocks Booking’s planned acquisition of flight booking provider Etraveli-VaTradeCoin
EU Commission blocks Booking’s planned acquisition of flight booking provider Etraveli
is lotradecoin safe for beginners View Date:2024-12-25 22:59:19
BRUSSELS (AP) — The European Union’s executive arm said Monday it is blocking leading U.S. online travel agency Booking from acquiring Sweden’s flight booking provider Etraveli Group because it would have allowed it to increase its dominant position on the market on the continent.
The European Commission said it had warned Booking Holdings about its concerns but that the remedies offered by the company were not sufficient. Booking’s brands include Booking.com, Rentalcars, Priceline and Agoda.
Following its investigation, the Commission said it found out the proposed 1.63-billion-euro ($1.8 billion) deal would have led to higher costs for hotels, and possibly, a negative impact on the price paid by consumers.
“Bans are rare, and today’s decision is in fact the first merger to be blocked this year,” EU Justice Commissioner Didier Reynders said.
According to the European Commission, online travel agencies handle transactions worth more than 100 billion euros ($106 billion) per year.
veryGood! (1974)
Related
- Google forges ahead with its next generation of AI technology while fending off a breakup threat
- Jimmy Kimmel honors TV legend Norman Lear: 'A hero in every way'
- Fantasy football rankings for Week 14: Playoffs or bust
- Ex-Nashville mayor to run for GOP-held US House seat, seeking a political return years after scandal
- 'September 5' depicts shocking day when terrorism arrived at the Olympics
- Michael Urie keeps the laughter going as he stars in a revival of Broadway ‘Spamalot’
- Viral video of manatee's living conditions feels like a 'gut punch,' sparks relocation from Florida facility
- Air Force Reserve staff sergeant arrested on felony charges for role in the Jan. 6 Capitol riot
- New Jersey targets plastic packaging that fills landfills and pollutes
- Sharon Osbourne lost too much weight on Ozempic. Why that's challenging and uncommon
Ranking
- Drew Barrymore Addresses Criticism Over Her Touchiness With Talk Show Guests
- Kids used sharp knives, power equipment: California poultry plant to pay $3.5M fine
- Air Force Reserve staff sergeant arrested on felony charges for role in the Jan. 6 Capitol riot
- 52 sea turtles experiencing ‘cold stun’ in New England flown to rehab in Florida
- Stock market today: Asian stocks are mixed ahead of key US inflation data
- Biden backs Native American athletes' quest to field lacrosse team at 2028 Olympics
- Taylor Swift Calls Out Kim Kardashian Over Infamous Kanye West Call
- 2024 Salzburg festival lineup includes new productions of ‘Der Idiot’ and ‘The Gambler’
Recommendation
-
When is the 'Survivor' Season 47 finale? Here's who's left; how to watch and stream part one
-
Apple co-founder Steve Wozniak to receive Serbian passport, president says
-
Venezuela’s AG orders arrest of opposition members, accuses them of plotting against referendum
-
A group of Norwegian unions says it will act against Tesla in solidarity with its Swedish colleagues
-
Mystery drones are swarming New Jersey skies, but can you shoot them down?
-
Slovakia’s new government closes prosecutor’s office that deals with corruption and serious crimes
-
A narrowing Republican presidential field will debate with just six weeks before the Iowa caucuses
-
Europe was set to lead the world on AI regulation. But can leaders reach a deal?