{"id":1970467,"date":"2023-07-12T07:13:02","date_gmt":"2023-07-12T11:13:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/illumina-hit-with-record-476-million-eu-antitrust-fine-over-grail-deal\/"},"modified":"2023-07-12T07:14:28","modified_gmt":"2023-07-12T11:14:28","slug":"illumina-hit-with-record-476-million-eu-antitrust-fine-over-grail-deal","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/illumina-hit-with-record-476-million-eu-antitrust-fine-over-grail-deal\/","title":{"rendered":"Illumina fined $476 million by EU for Grail deal."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fillumina-hit-with-record-476-million-eu-antitrust-fine-over-grail-deal%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1970467&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Foo Yun Chee<\/p>\n<p>BRUSSELS (Reuters) -U.S. genetic testing company Illumina was hit with a record 432-million-euro ($476 million) EU antitrust fine on Wednesday for closing its takeover of Grail before securing EU antitrust approval.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Illumina has been fighting the EU competition watchdog on several fronts since it was forced to seek its approval in 2021 despite the deal falling short of the EU turnover threshold for scrutiny.<\/p>\n<p>The European Commission said the size of the fine, amounting to 10% of Illumina\u2019s global revenue and the maximum allowed under EU merger rules for such infringements, underscored the seriousness of the offence and aimed to deter such conduct.<\/p>\n<p>By closing the deal prematurely, Illumina was able to exercise a decisive influence over GRAIL, which it did, the EU enforcer said, calling the gun-jumping an unprecedented and very serious infringement.<\/p>\n<p>\u201cIf companies merge before our clearance, they breach our rules. Illumina and GRAIL knowingly and deliberately did so by implementing their tie-up as we were still investigating,\u201d EU antitrust chief Margrethe Vestager said in a statement.<\/p>\n<p>Grail was given a symbolic 1,000 euro fine for its active role in the infringement, the first time a target company has been sanctioned.<\/p>\n<p>Illumina criticised the fine as \u2018unlawful, inappropriate, and disproportionate\u2019 and said it would appeal the penalty. It has set aside $458 million, representing 10% of its consolidated annual revenue for fiscal year 2022, for the fine.<\/p>\n<p>\u201cWe closed the transaction in 2021 because there was no impediment to closing in the US and the deal timeframe would have expired before the EC could reach a decision on the merits,\u201d the company said in a statement. <\/p>\n<p>\u201cThe deal timeframe relied on the EC\u2019s public statements that it would not assert jurisdiction over mergers of this type until new guidelines were issued, yet the EC nonetheless asserted jurisdiction over the merger before issuing the promised guidelines.\u201d <\/p>\n<p>($1 = 0.9072 euros)<\/p>\n<p> (Reporting by Foo Yun Chee;Editing by Elaine Hardcastle)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/illumina-hit-with-record\/attachment\/file-photo-file-photo-the-offices-of-gene-sequencing-company\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Trump\u2019s Documents trial could be after the 2024 Election while things get dicey at Caesar\u2019s Palace. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Rudy Farias was reported missing at 17-years-old\u00a0and showed up eight years later. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Riverton, Utah Mayor Trent Staggs sits down with One America\u2019s Jessamyn Dodd to discuss his campaign<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>There is a documentary being shown on EpochTV. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Sruthi Shankar and Medha Singh (Reuters) -A \u201cspecial rebalance\u201d of the Nasdaq 100 index will take place later this month as\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Huw Jones LONDON (Reuters) \u2013 The European Union\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/illumina-hit-with-record-476-million-eu-antitrust-fine-over-grail-deal\/\" title=\"Illumina fined 6 million by EU for Grail deal.\">banking watchdog urged stablecoin issuers<\/a> on Wednesday to voluntarily comply with \u2018guiding principles\u2019\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Donny Kwok and Scott Murdoch HONG KONG (Reuters) \u2013 China\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/state-level-republicans-push-back-on-big-tech\/\" title=\"State-Level Republicans Push Back on Big Tech\">major tech companies<\/a> have shed more than $1 trillion in value\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By John McCrank NEW YORK (Reuters) \u2013 Exchange operator Cboe Global Markets on Tuesday filed amended applications to list and trade shares\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>U.S. genetic testing firm Illumina faces a massive \u20ac432 million ($476 million) EU antitrust penalty for finalizing its acquisition of Grail without obtaining EU approval. Illumina has been engaged in multiple battles with the EU competition watchdog after being compelled to seek its consent.<\/p>\n","protected":false},"author":66,"featured_media":1970468,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1970467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1970467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1970467"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1970467\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1970468"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1970467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1970467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1970467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}