In a setback for EU antitrust regulators, an adviser to Europe’s top court has criticized the decision to block Illumina Inc’s (NASDAQ:ILMN) $7.1 billion bid for Grail Inc., stating that they exceeded their powers.
The adviser’s opinion, if upheld by judges, could impact the EU competition enforcer’s approach to other merger deals, including one involving Qualcomm Inc (NASDAQ:QCOM).
Related: Gene Sequencing Firm Illumina Escapes Carl Icahn’s Second Proxy Battle Amid Grail Divestment Efforts.
The European Commission invoked Article 22 in 2021 to assess the Illumina-Grail deal despite it falling below the ...