The takeover of Apple of Shazam could significantly affect the competition in Europe, says the European Commission.
The antitrust regulator of the European Union is set to look into the acquisition of the iPhone maker of the music discovery app that is based in the United Kingdom after a request from seven countries.
France, Austria, Italy, Iceland, Spain, Sweden, and Norway urged the Commission to assess the acquisition as the intended bid was not able to meet the revenue threshold in order to trigger a review by the European Union.
Late last year, the tech titan confirmed its plans to acquire Shazam in a deal that is estimated to be worth approximately 400m (£286m).
Based on initial information, the European Commission said that the deal could likely have a “significant adverse effect” on the competition in the European Economic Area.
Apple will now have to request the Commission to approve the said acquisition.
Meanwhile, Pirc, a shareholder group, has recommended that investors in the tech giant of the United States vote against the executive compensation policy of the company at its annual general meeting (AGM) that is scheduled next week.
The maximum annual bonus that an executive could receive that represents “exceptional financial performance” at the tech company was 400 percent of the base salary, which Pirc says was “excessive.”
Pirc said that the annual bonus did not factor in the performance of an individual, which “raises concerns that some executives may be receiving substantial payouts for poor contributions to Apple’s overall performance.”
The shareholder group also said that the three-year period after which shares that are based on performance vest was too short.
It was recommended by Pirc that shareholders also vote against a plan to amend the non-employee director stock plans, which it said offered the administrator too much discretion in determining the term of awards.