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Google has been told it is running out of time to improve its offer to settle a European Union investigation into anti-competitive behavior or face formal charges that could lead to a hefty fine. EU antitrust chief Joaquin Almunia rejected the internet search giant's latest concessions on Friday and warned that it has only a short time left to make a satisfactory offer. Google has been investigated by the European Commission antitrust regulator for three years over complaints that it blocked competitors in search results. The company's original proposal in April to resolve the matter was rejected by its competitors, including Microsoft and British price-comparison website Foundem, who said that the changes would only reinforce its dominance.