EU Official Eyes Google Divestment in Digital Law Push

Teresa Ribera, recently appointed as the European Union's Executive Commission Vice-President for Clean, Just and Competitive Transition, is set to pursue the enforcement of EU digital laws, a continuation of the efforts initiated by her predecessor Margrethe Vestager.

Ribera, in her new role, is considering strategies that include the potential divestment of large digital corporations such as Google (NASDAQ:GOOGL ), indicating a proactive stance on limiting their market power.

In a conversation with Bloomberg TV, Ribera expressed that divestment options are actively being explored.

“Something that is of course on the table, and we try to work together with other relevant competition authorities worldwide, including the US competition authorities,” she stated, highlighting a collaborative approach to addressing the dominance of tech giants.

Ribera's focus is on scrutinizing "how much power" these corporations hold and the implications of their extensive influence. She emphasized the importance of considering the "potential division, divestment of some of these businesses," underscoring that such decisions would be made on a case-by-case basis.

The EU has been at the forefront of regulating the digital market, aiming to curb the power of big tech companies. Ribera's remarks signal a commitment to this regulatory trajectory, ensuring that the operations of digital corporations are compatible with EU standards for competition and consumer protection.

Moreover, Ribera is looking forward to fostering good cooperation with the incoming Trump administration, suggesting a transatlantic partnership in tackling the challenges posed by the digital economy.

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Source: Investing.com