Under the law, an entity which holds 50% or more in any relevant market is required to obtain the director general's consent before making any transaction that constitutes a "merger of companies". Israel's Competition Authority said on Tuesday it was considering imposing a fine of about 6 million shekels ($1.8 million) on Facebook and its Israeli unit for buying two Israeli companies without the agency's consent. Facebook was obliged to report the transactions required the director general's consent since Facebook is a 'monopolist', whose market share in Israel exceeds 50%, the authority said. Under the law, an entity which holds 50% or more in any relevant market is required to obtain the director general's consent before making any transaction that constitutes a "merger of companies", it noted. The authority said Facebook, together with Instagram, is considered a monopoly in the market of social networks in Israel.

Source: The Hindu May 11, 2021 12:12 UTC