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Booking Holdings CEO Glenn Fogel said the company would appeal the Spanish competition authority's $530 million draft decision if it becomes permanent.
Spanish regulators levied a $530 million fine against Booking.com in the fourth quarter in a draft decision, Booking Holdings announced Thursday.
Booking Holdings CEO Glenn Fogel said the Spanish National Markets and Competition Commission (CNMC) found that Booking.com infringed on competition law in that country.
"We could not disagree more with this draft decision and the arbitrarily large fines that they have proposed, which is completely disproportionate to the alleged conduct," Fogel told financial analysts during the company's fourth-quarter earnings call Thursday.
Chief Financial Officer David Goulden characterized the preliminary decision in Spain as "unprecedented."
Fogel said the company will appeal the fine if the draft decision becomes permanent. Goulden added that the appeals process could take several years and that Booking.com would have to alter some business practices in Spain.
Booking.com is the largest online travel agency and accommodations provider in Spain and Europe.
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