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EU Says Illumina and Grail Breached EU Merger Guidelines, Might Face Fines | gadgetfee

BRUSSELS (Reuters) – The European Fee mentioned on Tuesday it had despatched a press release of objections to U.S. life sciences companies Illumina and GRAIL alleging they breached EU merger guidelines by implementing the merger whereas the Fee’s in-depth investigation into the proposed transaction was nonetheless ongoing.

“If corporations bounce the gun and implement offers which might be topic to our assessment, they undermine the efficient functioning of our EU merger management system. This can be a critical breach of the standstill obligation,” Fee Govt Vice-President Margrethe Vestager, answerable for competitors coverage, mentioned.

“Illumina and GRAIL have brazenly finished so by implementing their deal whereas the Fee continues to be finishing up its in-depth investigation. This might end in hefty fines,” she mentioned.

(Reporting by Jan Strupczewski)

Copyright 2022 Thomson Reuters.

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