The Country’s Justice Department and Federal Trade commission will keep their fingers crossed and finalize as whether to launch a formal investigation in the ITA probe. Following a Bloomberg report that the FTC is considering an antirust investigation the shares of Google fell by more than 3.2 percent. The Justice Department and FTC declined to comment on this issue.
The proposal of the Google for the Acquisition of ITA for 700 million dollars has sparked the worries in the tech world. Google has very clearly announced its plan to acquire the ITA software for 700 million dollars in cash in the month of July. Collin Gillis the BGC partners analyst said that the increasing non-operational risks which are faced by the Google Inc has been underscored by a potential U.S probe that would show up on the top of an ongoing European antitrust investigation.
The Google founder Larry Page officially took the reins as the CEO of the company after a decade. The current executive chairman Schmidt will focus on the government relations oriented activities among his other duties. Since last November the internet giant has been under investigation. The opponent Microsoft Corp filled a formal complaint with European antitrust regulator last week claiming that Google systematically spoiled the internet search competition in many areas.
According to various news agencies, it is very clearly found that there are a great number of complaints made to the regulators and most of them are from the opponents of Google which specialize in vertical searches like price comparison websites. These complaints are widely seen as a threat to the position of Google which is a key gateway to online information. Gary Reback the representative of several opponent companies said that most of the companies have complained to the European and U.S antitrust authorities that Google is planning to hurt their business by making them hard to find through Google searches. Adam Kovacevich a spokesman from Google said that they will work hard to put the interest of the users first and give them the best and take care of all these complications in the days to come.