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New EU Competition Commissioner: Still Considering Splitting Google (GOOGL.US) Will Meet With Trump

AInvestThursday, Dec 5, 2024 4:00 am ET
1min read

Europe's new competition commissioner Teresa Ribera said the possibility of splitting up Google's (GOOGL.US) business was still under consideration, and she pledged to reach out to the incoming U.S. president Donald Trump.

Teresa Ribera said on Thursday that the efforts by former European competition commissioner Margrethe Vestager and the U.S. Department of Justice to split up Google's business were a way to prevent large tech companies from taking too much market power.

"This is certainly an option on the table. We are trying to work with other relevant competition regulators around the world, including the U.S. competition regulator," she said. "It's important to consider this potential split, to carve out some of those businesses. We will assess each case." She also said her goal was to inherit Margrethe Vestager's "legacy", who was seen as a thorn in the side of large tech companies during her time in office.

While Teresa Ribera pledged to reach out to Trump, it is one of the early challenges she will face. Trump has repeatedly accused Europe of being unfair to the U.S. and threatened a trade war, and has also argued that the EU's large fines against U.S. tech companies could be seen as another provocation that deserves a strong response.

In addition to focusing on competition, Teresa Ribera will also oversee the EU's landmark green deal. However, it is uncertain how much she will be able to deliver on these initiatives, especially in the face of political uncertainty across the EU, particularly in the two largest economies, where the French government collapsed after parliamentarians backed a motion of no confidence and Germany's governing coalition has already fallen apart in recent weeks.

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