Okay, so they spin off a bunch of shell companies holding all these offices and stop displaying them on the Google website in order to address the EU requests. But the mothership still gets to remain a single company.
Maybe a better way to think about it is that the EU can effectively demonitize them. At the worst, the EU regulators could (theoretically) block them from doing business with EU citizens. They can offer their browser for download here alright, but they can't sell any ads or any other products here.