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    ILMN   US4523271090

ILLUMINA, INC.

(ILMN)
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Illumina : EU Court ruling on Altice provides boost for antitrust regulators

09/22/2021 | 06:25am EDT

BRUSSELS, Sept 22 (Reuters) - EU antitrust regulators received a boost from Europe's second-highest court on Wednesday as it upheld a record fine against French telecom company Altice for jumping the gun on its bid for PT Portugal.

The decision empowers the European Commission as it investigates U.S. life sciences company Illumina for closing its takeover of cancer detection test-maker Grail without first securing EU approval.

Acting before approval, or jumping the gun, is a major offence under EU merger rules, with fines for violations of up to 10% of a company's global turnover. Altice's 125-million-euro ($146.7 million) fine was the biggest the European Commission has imposed to date for such an offence.

The Luxembourg-based General Court reduced the fine by 6.22 million euros, but did not cancel it.

The judges said in their ruling the reduction was because Altice informed the Commission of the transaction before the share purchase agreement was signed and that "immediately after that signing, it sent to the Commission a case team allocation request relating to its file".

The Commission in its 2018 decision said Altice had breached EU merger rules by exercising decisive influence and veto rights over the Portuguese company before securing regulatory clearance for the deal.

Altice can appeal to the EU Court of Justice, Europe's highest, but only on points of law.

In 2017, Facebook was handed a 110-million-euro fine for giving misleading information during the EU review of its WhatsApp bid. The sanctions did not affect both deals, which were approved.

The case is T-425/18 Altice Europe v Commission.

($1 = 0.8522 euros) (Reporting by Foo Yun Chee; editing by Barbara Lewis)


© Reuters 2021
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Analyst Recommendations on ILLUMINA, INC.
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Financials (USD)
Sales 2021 4 344 M - -
Net income 2021 692 M - -
Net cash 2021 1 689 M - -
P/E ratio 2021 88,2x
Yield 2021 -
Capitalization 64 248 M 64 248 M -
EV / Sales 2021 14,4x
EV / Sales 2022 12,5x
Nbr of Employees 7 825
Free-Float 74,8%
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Number of Analysts 18
Last Close Price 410,53 $
Average target price 455,00 $
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Francis A. deSouza President, Chief Executive Officer & Director
Sam A. Samad Chief Financial Officer & Senior Vice President
John Wendell Thompson Chairman
Phillip G. Febbo Chief Medical Officer
Alex Aravanis CTO, Head-Research & Product Development
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