The world’s most popular search engine, Google has reportedly submitted its proposals to settle the European Union antitrust investigation that the web giant is abusing its dominance in online search.
A guilty verdict on such charges (company has violated European antitrust laws) could mean a fine as much as 10% of global turnover, which could mean up to $4 billion in Google’s case.
Google holds more than 60% of the search market internationally and about 90 percent of the search market share in Europe.
European Union regulators said, it had received detailed proposals from the Google Inc., which has been under investigation following complaints from more than a dozen companies, including Microsoft, that Google has used its market power to block rivals.
A Google spokesman said the firm “continues to work cooperatively with the commission.”
The EU launched its investigation of Google in November 2010 when several firms including Microsoft and other smaller rivals in Britain, Germany, France, Spain, Italy and the US have complained about Google.
Lobby group ICOMP tweeted this morning: “MLex are reporting Google have responded to the EC with a proposal to remedy their search-advertising model.”
These days CEO Eric Schmidt is devoting much of his pub…