Google’s Euro fine likely to be $3.4 billion

monopoly (1)The European Commission is likely to fine the search engine outfit Google about $3.4 billion.

British newspaper The Sunday Telegraph appears to have found a deep throat who is prepared to tell hacks how much cash Google is expected to pay out.

The European Union has accused Google of promoting its shopping service in internet searches at the expense of rival services in a case that has dragged on since late 2010.

Google now had no plans to try to settle the allegations unless the EU watchdog changed its stance. That stance apparently means that Google’s no compromise position is going to cost it cash.

The announcement is expected next month. It might even go a bit higher as there are still some numbers to be added in.

Google will also be banned from continuing to manipulate search results to favour itself and harm rivals, the newspaper said.

The Commission can fine firms up to 10 percent of their annual sales, which in Google’s case would be a maximum possible sanction of more than 6 billion euros. The biggest antitrust fine to date was a 1.1 billion-euro fine imposed on Chipzilla in 2009.