The European Commission announced on Wednesday that it had carried out unannounced inspections at the facilities of Glovo and Delivero Hero, suspecting them of having established illegal agreements to share the distribution market for these products in part of the EU. The European Commission has already clarified that the investigations took place in two different member states and in cooperation with national authorities, although he avoided giving details of the companies involved or the countries where they are based, Reuters advance that neither Uber EatsDeliveroo, Bolt, Gorillas and Flink are affected, according to their spokespersons.
Surprise inspections are a preliminary step allowing the community executive to act before the suspicions of anti-competitive practices and clarify the facts before deciding on the follow-up to be given to the investigation of the case, so that the community services insist on the fact that this phase does not involve any decision as to whether the companies are guilty or not. There is no predetermined deadline for the time the European Commission has to carry out its preliminary investigation in the event of practices likely to contravene the rules common in competition. According to European rules, companies that have participated in confidential agreements to agree on their activity on the market can obtain immunity to benefit from a reduction of the fine or get rid of them altogether if they collaborate with community services in their investigation.
The investigation comes days after the Spanish startup’s general meeting of shareholders approved the sale of Glovo to Delivery Hero. This movement was the last formality to complete the transaction. The official closing will take place in the coming weeks after the completion of the German giant’s capital increase to pay for the purchase in securities. This signing comes on another dark day for delivery platform actions from the German food delivery, which has returned drop by 8% to 35 euros. The shareholders of the company headed by Óscar Pierre watch this price with concern.
As La Información progressed, today’s general meeting had three main items on the agenda. The first was the approval of the so-called “Operation Corona”, i.e. share transfer from the Spaniard to Delivery Hero in exchange for the titles of the latter. The second was the establishment of a new partnership agreement for the new phase of the company. And finally there was the resignation of some board members and the appointment of those who are new to this power shift. The nominations have not yet been made public.
Not all shareholders supported the deal. As has been made public Delivery Hero, will have 94% of Glovo shares. In this, almost 6% are both the titles that were in the hands of Óscar Pierre and part of the team, as well as a minority investor who did not join the sale agreement. The latter will remain in the company, even if without being able to liquidate his position. Glovo will continue to operate with its brand and platform and under its current management team, led by its two founders Oscar Pierre and Sacha Michaud, who will remain shareholders of Glovo. After more than two years of arm wrestling between shareholders, Pierre defends that join their new owners “This will accelerate our growth and the development of our product.”
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