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What will be the market reaction to the European Court's ruling on Illumina by September 10, 2024?
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Resolution / Starting Odds
Illumina stock rises by more than 5% • 25%
Illumina stock rises by less than 5% • 25%
Illumina stock falls by less than 5% • 25%
Illumina stock falls by more than 5% • 25%
Stock market data from financial news sources
Story
European Court Rules in Favor of Illumina in $7.1 Billion Grail Acquisition, Eliminates €432 Million Fine
Sep 3, 2024, 09:00 AM
The European Court of Justice has ruled in favor of U.S. gene sequencing company Illumina, supporting its appeal against the European Union's investigation into its $7.1 billion acquisition of cancer diagnostic test maker Grail. The court's decision marks a significant blow to the EU's antitrust regulatory powers, asserting that the European Commission did not have the right to intervene in the deal, which had no presence or revenue in the EU. This ruling eliminates a €432 million fine previously imposed on Illumina related to the acquisition. Despite the legal victory, Illumina had already divested Grail, and the decision will not affect their current relationship. The ruling also highlights the abandoned nature of Illumina's bid and the oversight issues in the merger process.
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