News

Booking Holdings (NASDAQ:BKNG) will be closely watched amid a report that the travel company's proposed €1.63B acquisition of Swedish peer ETraveli Group is set to be vetoed by European Union antitrust regulators due to concerns about competition.

Sources indicate to Reuters that the European Commission warned Booking Holdings (BKNG) in June that the deal for ETraveli could reinforce the online travel giant's dominance in the sector and boost its bargaining power with hotels. The European Commission also noted that a deal for ETraveli could allow Booking (BKNG) to expand the company's ecosystem of broad travel services.

The European Commission is expected to issue a decision on the deal by September 27. Booking Holdings (BKNG) is expected to formally challenge any ruling against it.

Shares of Booking Holdings (BKNG) rose 0.75% in early trading on Friday to $3,128.00. The online travel stock trades well above its 100-day and 200-day moving averages. BKNG also has one of the highest Seeking Alpha Quant Ratings across the broad travel and leisure sector.