Meta Platforms offered to limit the use of advertising data to competitors in the online Facebook Marketplace service in an attempt to settle an antitrust investigation in the EU, but regulators gave him a cold shoulder, said people familiar with the matter.
People said their offer also included limiting the use of advertising data to develop products that compete with advertisers.
Meta’s proposal, similar to the proposal submitted to the UK competition agency in May, suggests that the company would have to make more effort to address the charges of the EU supervisory authority if it wanted to avoid a possible fine.
But sources said that Meta was not expected to improve its offering, and the UK executive said, in an initial opinion, Meta's proposal addresses her concerns.
Companies risk fines of up to 10% of their global sales for EU antitrust violations, according to gadgets360.
The world’s most famous social network has sought to settle an EU investigation that began in June last year, other people familiar with the matter told Reuters last December, and details of Meta’s proposed concessions have not been previously reported.
The European Commission and Meta have refrained from commenting.
The EU antitrust authority last December charged Meta with abusing its market power through two practices, one of which was linking the online advertising service Facebook Marketplace to its Facebook social network.
The other allegedly had its own unfair business terms imposed on competing online advertising services that advertised on Facebook or Instagram, and Meta objected to EU accusations in a closed session earlier this month.
