FIT - Fitbit shares slide 5.5% after Australian regulator rejects Google's antitrust concessions

Fitbit (FIT) shares are down 5.5% pre-market after news broke late yesterday that the Australian Competition and Consumer Commission rejected Google's ([[GOOG]],[[GOOGL]]) antitrust concessions for the $2.1B acquisition.The regulator warned the deal would give Google too much user data, which could hurt competition in the health and online ad markets.Google's concessions included agreeing not to use the health data for advertising and behaving in certain ways toward competitors that would ensure competition wasn't stifled. The tech giant offered to make the concessions enforceable by law.Similar concessions worked in the European Union, earning the deal conditional approval. But Austrlian regulators weren't convinced.Australian regulators previously took a firm stance on Google and Facebook excerpting content from local publishers without paying. Earlier this months, new draft rules headed to parliament that would require the tech giants to negotiate rates with publishers or an arbitrator would make the decision.Previously: Google-Fitbit deal receives conditional approval in EU

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Fitbit shares slide 5.5% after Australian regulator rejects Google's antitrust concessions