Europe's top court adviser has recommended backing U.S. gene sequencing company Illumina in its appeal against the EU antitrust regulators' review of its $7.1 billion acquisition of cancer test maker Grail. This non-binding opinion by the court adviser suggests that the EU Commission may have exceeded its authority by investigating below threshold mergers, specifically the deal which Illumina has since abandoned. The European Court of Justice (ECJ) is expected to make a binding ruling in the coming months. The case has sparked discussions about the EU's powers to vet mergers that do not meet the usual financial thresholds for review.
EU's powers to vet below threshold mergers are on life-support this morning, as a non-binding ECJ opinion says Commission overstepped the mark by probing Illumina's now abandoned $7 billion Grail deal. Court's (binding) ruling due in coming months... https://t.co/fzgiFwxIrW
Europe's top court should back US gene sequencing company Illumina's appeal against the EU antitrust regulators' review of its $7.1 billion bid for cancer test maker Grail, an adviser to the court said https://t.co/X3vlUeNXqn https://t.co/hxxYhQ6oOX
The EU's deals watchdog suffers a blow after an aide to the bloc’s top court says they exceeded their authority https://t.co/2sGPUXmJPi via @business @EUCourtPress
Boost for Illumina as court adviser rejects EU merger powers https://t.co/bsjW3BJP44 https://t.co/imU1V7JlCP
⚠️ EU COURT SHOULD BACK ILLUMINA'S APPEAL AGAINST EU REVIEW OF GRAIL DEAL, COURT ADVISER SAYS Full Story → https://t.co/4bVmfNNgMO Europe's top court should back U.S. gene sequencing company Illumina's appeal against the EU antitrust regulators' review of its $7.1 billion bid… https://t.co/pRMdvKDGb9