Delivery Hero SE Fined 329 Million Euros by European Commission
Delivery Hero SE, a German company operating in the online food delivery sector, has been fined 329 million euros by the European Commission for engaging in cartel practices.
The European Commission found that Delivery Hero and its subsidiary Glovo had agreed not to poach each other’s employees and exchanged commercially sensitive information. This behavior is in violation of European Union competition rules.
The fine is a result of an investigation by the European Commission into alleged cartel practices in the online food delivery sector. The investigation found that Delivery Hero and Glovo had engaged in anti-competitive behavior, which is likely to have had a negative impact on the European market.
Key Facts:
- Fine amount: 329 million euros
- Companies involved: Delivery Hero SE and Glovo
- Alleged offenses: Agreeing not to poach each other’s employees and exchanging commercially sensitive information
- Regulatory body: European Commission
Impact on Investors
Investors who had invested in Delivery Hero a year ago would have lost money due to the decline in stock price. The company’s stock price has fallen from 29.16 euros to its current level.
Future Outlook
The fine and associated reputational damage are likely to have a lasting impact on the company’s operations and financial performance. The European Commission’s decision highlights the importance of fair competition in the online food delivery sector.