Delivery Hero and Glovo Unit Face Formal EU Antitrust Probe
- EU regulators fear companies may have illegally colluded
- Delivery Hero told investors to expect fine above €400 million
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Delivery Hero SE and its Spanish subsidiary Glovo run the risk of hefty European Union fines, after antitrust regulators opened a full scale investigation to determine whether the companies may have illegally colluded with each other.
The European Commission said Tuesday that before Delivery Hero’s acquisition of Glovo, the firms may have carved up markets in Europe, shared sensitive commercial information and also agreed to avoid poaching each other’s staff. Shares in the company fell 2.7% by 12:19 p.m. in Frankfurt.