Stock Groups

EU orders Illumina to keep Grail a separate company -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO – One of Illumina, Inc’s office buildings is seen in San Diego, California, U.S.A, on October 9, 2020. REUTERS/Mike Blake/File photo

BRUSSELS, (Reuters) – The European Commission announced Friday that it took interim steps following the acquisition by Illumina (NASDAQ) of Grail Inc (a cancer detection test manufacturer) in an early deal. This included an order to keep Grail separate.

Illumina, the company that oversees EU Competition Policy, announced its completion of the acquisition on August 18. However, the Commission had still not concluded its investigation. This review is scheduled to continue through February 4.

The Commission reported that the EU order is the first interim measure imposed following unprecedented rapid implementation of a takeover.

These measures require that Grail is kept apart from Illumina, run by independent managers. They also stipulate that they do not share confidential data, interactions are kept to arms length, and Grail works on alternate options in the event of a Commission rejection.

If they don’t comply, the companies could be punished.

In the meantime, the Commission stated that the actions were intended to stop the “potentially irreparable adverse impact” of the transaction upon competition and the possible irreversible incorporation of companies.

Disclaimer Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]