Apple has settled an antitrust dispute in South Korea.
It will contribute $90 million to consumers and small businesses in the country.
Apple has agreed to contribute nearly $90 million to small businesses and consumers in Korea to settle an antitrust dispute.
Apple s yearslong antitrust dispute in South Korea seemed to settle as the nation s watchdog accepted the US tech giant s redeeming plan to spend some 100 billion won ($89.73 million) in supporting consumers and small-sized businesses.
The Fair Trade Commission said Wednesday that it has approved the financial package suggested by the local unit of Apple Inc. to wrap up its alleged unfair market practices in the past.
South Korea s Fair Trade Commission has approved Apple s proposal to pay around $90 million into assorted local support programs, in order to settle an antitrust investigation.
Following Apple s August 2020 proposal of investment measures to South Korea authorities, the country s Fair Trade Commission has agreed to approve the deal. It means that the ongoing antitrust investigation will be closed without concluding whether or not Apple broke competition laws.
According to
The Korea Herald, the FTC has now formally approved Apple s financial package to make up for the alleged unfair market practices. This is the first time that a correction scheme actually provides direct benefits to consumers such as repair and warranty cost discounts, said Joh Sung-wook, FTC Chairwoman, in a press briefing. [The FTC] shall thoroughly keep watch on whether Apple carries out the promised actions to contribute to the domestic ICT ecosystem.
Conditional acquisition approval
Regulators prevents monopoly, helps to create synergy
The Korea Fair Trade Commission (KFTC) has conditionally approved a deal sought by Germany s Delivery Hero (DH) to acquire the nation s largest food delivery app operator, Woowa Brothers. The antitrust agency granted permission for the $4-billion takeover on the condition that the German company sells off its equity in Yogiyo, Korea s No. 2 food delivery app brand. Officials said that if the government permits the merger of Korea s largest and second-largest food delivery apps unconditionally, it will lead to adverse effects caused by a monopoly, such as fewer consumer benefits and higher commissions.
Delivery Hero decides to sell Korean unit
Posted : 2020-12-28 16:56
By Nam Hyun-woo
Fair Trade Commission (FTC) Chairwoman Joh Sung-wook speaks during a press conference on the conditional approval of Delivery Hero s acquisition of Woowa Brothers at the antitrust agency s headquarters in Sejong, Monday. Courtesy of FTC
Delivery Hero (DH), a German food delivery service firm, said Monday it will accept the Fair Trade Commission s (FTC) conditional approval for its acquisition of Korea s top food delivery app operator, Woowa Brothers which runs Baedal Minjok.
The FTC ordered DH to sell its Korean unit running the country s No. 2 food delivery app, Yogiyo, in order to but Woowa, as the antitrust agency feared the acquisition would seriously harm fair competition in the domestic food delivery market.
BW Businessworld
South Korea Makes Unit Sale Condition For Delivery Hero s $4 Billion Woowa Deal
Berlin-based Delivery Hero agreed last year to buy Korea s top food delivery app owner Woowa as it expands in Asia s fast-growing but crowded market. For Woowa, the buyout is a lifeline in an intensely competitive market.
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South Korea s antitrust regulator said on Monday Delivery Hero must sell its Yogiyo subsidiary to win approval for a $4 billion takeover of Woowa Brothers that would have given it a near monopoly in the country s food delivery market.
The ruling from the Korea Fair Trade Commission (KFTC) is a setback for consolidation in the world s third-largest online food delivery market, although it was not immediately clear if it will scupper the deal as the market dominance of Woowa s No. 1 app is significant even without the subsidiary.