Amazon wants to reach a settlement with the European Commission in the two competition investigations running into the American e-commerce giant.
That writes the British news agency Reuters on Tuesday. Naturally, Amazon would like to avoid a billion-dollar fine.
In November 2020, European Commissioner for Competition Margrethe Vestager announced that Amazon is violating competition rules in online commerce. On its platform, Amazon itself sells products to consumers but also lets third-party sellers sell stuff. The data talks about those third-party sellers, such as the number of orders Amazon would use to its advantage. That practice would amount to an abuse of power.
At the same time, the Commission opened a second investigation into Amazon. As a result, it would be able to favour its offers and third-party sellers using its logistics and other services over competitors. That would also be a violation of the competition rules.
Now Amazon would therefore be willing to settle both investigations. This would avoid a conviction that could lead to a huge fine and an obligation to change its business model. If convicted, Amazon faces a fine of up to 10 percent of its global annual revenue. In 2020 it amounted to 386 billion dollars or 333 billion euros.
According to Reuters, Amazon is still in full negotiations with the Commission and would be willing to make certain concessions.