EU approves Google's DoubleClick bid

European Union regulators say Internet portal giant's $3.1 billion bid for online ad tracker won't hurt competition.

European Union regulators have given a green light to Google Inc.'s $3.1 billion (€2.13 billion) bid for online ad tracker DoubleClick, saying the deal will not hurt competition for online ads.
Critics have complained the deal would give Google (GOOG) too much power.

But the European Commission says it found no proof that Google and DoubleClick would be able to squeeze out competitors. That is because Microsoft, (MSFT) Yahoo (YHOO) and AOL provided "credible" alternatives for placing ads on Web sites.

The commission says Google and DoubleClick are not currently rivals. It says Google's purchase even of a potential competitor would not hurt competition in the online ad market.