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Google Inc (NASDAQ:GOOG) has mounted pressure on the European Union to reject the bid

Boston, MA 06/26/2013 (wallstreetpr) – The rivals of Google Inc (NASDAQ:GOOG) had recently mounted pressure on the European Union to reject the bid submitted by the leading search engine provider to settle down an antitrust probe which had been raised against the company. The rival companies claim that if the bid to settle the probe is accepted, then Google Inc (NASDAQ:GOOG) would gain too many opportunities to prioritize its own products. It is worth noting that the initial investigation by the European Union had primarily been triggered by the complaints registered by the rival companies.

The European Union claims that Google Inc (NASDAQ:GOOG) is highly dominant in providing search engines services and search advertising services in the region, which if continued would result in harming the competition in the industry. Though the European Union Competition Commissioner is seeking to settle the case through the deal from the Mountain View, California based Google Inc (NASDAQ:GOOG), the rivals are severely opposing the move.

The share prices of Google Inc (NASDAQ:GOOG) had posted a decline of 0.41 percent for the last trading session on Tuesday, with the company closing at $866.20 per share for the day. The share prices of the leading search engine services provider had been trading with intraday price movements in the range of $864.51 per share to $879.68 for the trading session on Tuesday, after opening at $877.26 per share. The shares of Google Inc (NASDAQ:GOOG) had recorded year low price level at $557.21 per share and year high price level at $920.60 per share.

Google Inc (NASDAQ:GOOG) had been witnessing near average trading volume in its shares on Tuesday when 2.55 million shares were exchanged hands, while the average trading volume had been at 2.42 million shares per day. The leading search engine service provider presently holds 71 percent as institutional ownership in the company with 331.77  million shares outstanding in the market.

Published by Nicholas Maithya

Nicholas is a Financial Analyst by profession, who enjoys writing about investments, technological developments, business, economics and other financial topics at various financial publications. Join him here on as he endeavors to deliver to you the latest breaking news on the above mentioned fronts. Contact him by email at [email protected] or follow Nicholas Kitonyi @nmaithyak on Twitter.

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