Microsoft-Activision $69 billion deal is blocked by the UK, the Nasdaq rallies helped by tech earnings ahead of eBay, Amazon and Meta. First Republic fights for survival and the debt ceiling fight intensifies on Capitol Hill. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Microsoft's $69 billion deal to purchase Activision was blocked by the UK's Competition and Markets Authority citing anticompetitive concerns. Still, the software-giant is vowing to complete the deal.
“We remain fully committed to this acquisition and will appeal,” President Brad Smith said in a statement reported by the. He said the watchdog's decision “rejects a pragmatic path to address competition concerns" and discourages tech innovation and investment in the United Kingdom.“We’re especially disappointed that after lengthy deliberations, this decision appears to reflect a flawed understanding of this market and the way the relevant cloud technology actually works,” Smith said.
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