The EU’s top court has ruled that the European Commission’s expanded merger control approach pursued since 2021 to target so-called “killer acquisitions” breaches EU law. This decision marks a significant victory for U.S. biotech company Illumina. The Court of Justice of the European Union found that Brussels officials lacked the authority to scrutinize Illumina’s $8-billion purchase of Grail and annulled a €432 million fine imposed on Illumina for completing the deal during the agency’s pending investigation. This ruling is final and cannot be appealed.
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