12:00 PM EDT, 07/25/2024 (MT Newswires) -- Meta Platforms ( META ) will soon receive its first European Union antitrust fine for integrating its Marketplace classified advertisements service to its Facebook social network, Reuters reported Thursday, citing people with direct knowledge of the matter.

The fine could reach up to $13.4 billion, though actual penalties in EU are usually lower, the report said. The ruling is expected in September or October, before EU antitrust chief Margrethe Vestager's term ends in November, the people reportedly told Reuters.

The European Commission has accused Meta of giving Marketplace an unfair advantage through this integration.

Meta and the commission did not immediately respond to MT Newswires' requests for comment.

Meta's share fell 0.9% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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