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10:14 19th February 2010
Both European and US authorities have approved Microsoft's plans to acquire Yahoo's internet search and search advertising businesses.
According to the European Commission, the deal "would not significantly impede effective competition," since both groups currently control less than 10 per cent of the market in Europe, with Google controlling 90 per cent, the BBC has reported.
The deal, which was first announced in July of 2009, means that Yahoo's website will use Microsoft's Bing search engine, and the two companies will share the revenues.
"I believe that together, Microsoft and Yahoo will promote more choice, better value and greater innovation to our customers as well as to advertisers and publishers," said Microsoft chief executive Steve Ballmer.
In other news, Yahoo has vowed its commitment to search and announced a series of new products that will cement its place in the business.
The company, which has suffered a falling market share in an industry it helped create, said that an agreement to allow Microsoft's Bing power searches on its sites might have prompt many to believe Yahoo had ditched one of its core businesses.
Written by Paul Davis
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