Google faces angry Russians
Search engine megalith Google has been foiled by Russian regulators who have said that it cannot acquire Zao Begun, a local advertising company in Russia.
This effectively halts a $140 million deal that was agreed to in July and dampens Google’s attempts to break into the lucrative Russian market.
The agency that Google has set its sights on is owned by Rambler Media, another Russian company that runs various websites and a search engine.
A Google spokesperson, according to techgeek.com, that it would be reviewing the decision of the Federal Antimonopoly Service in Russia; saying in a statement: “We are very disappointed to hear that FAS has come to this decision. We strongly believe that this acquisition will enable us to significantly improve opportunities for Russian users, advertisers and publishers as well as the entire industry.”
Not only has Google had trouble squeezing into the Russian market, its attempt in the Asian market have been equally difficult. Stay tuned to see whether Google next aims for the potentially profitable planet Mars market.