Alphabet Inc.'s (GOOGL) - Get Report Google will split off its Google Shopping service from other operations in a bid to satisfy European Union antitrust regulators concerned over the search engine's display of product search results, according to Bloomberg.

Following a June decision by the European Commission that found Google unfairly favored some of its own services over those of its competition, Google had until Thursday, Sept. 28 to change its practices. The June decision also included a record $2.7 billion fine.

If Google didn't meet regulators' demands in the 90 days following the decision - which would have expired on Thursday - the company would have been handed penalties of up to 5% of the average daily global revenue of parent company Alphabet, according to the New York Times.

Google has recently asked with the European Commission to ensure other companies with shopping services operations are treated similarly by the regulating body.

Alphabet stock traded up 0.56% to $939.50 in mid-morning trading on Tuesday.

Alphabet is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL? Learn more now.

More of What's Trending on TheStreet: