By Foo Yun Chee
BRUSSELS (Reuters) -U.S. genetic testing company Illumina will face a record EU antitrust fine on Wednesday for closing its takeover of Grail before it secured approval from EU regulators, a person familiar with the matter said on Tuesday.
Reuters reported in January that the European Commission is set to hand out a fine of up to 10% of Illumina’s global revenue, the maximum allowed under EU merger rules.
Illumina last year set aside $453 million for a potential EU fine.
The European Commission, which eventually blocked the deal on anti-competitive concerns, declined to comment. It has taken a tough line against the practice of closing deals prior to final regulatory approval, fining several companies in the past for the offence.
Illumina has challenged the EU’s veto of the deal, its decision to examine the case despite falling short of the revenue threshold for scrutiny, as well as the EU order to keep Grail separate so that it can unwind the deal.
(Reporting by Foo Yun CheeEditing by Chris Reese and Bill Berkrot)
