EU General Court confirms the Commission's approach to Article 22 EUMR in landmark judgment
28 July 2022
On 13 July 2022, the EU General Court upheld the European Commission's (the Commission) decision to review Illumina's proposed acquisition of Grail, having accepted a referral request from France and other EEA Member States under Article 22 EU Merger Regulation (EUMR). Ruling for the first time on this question, the General Court found that the Commission is competent to review transactions that may significantly affect competition in one or more EEA Member States, irrespective of whether those transactions meet the merger control thresholds of the EU or any EEA Member State. This landmark judgment confirmed the uncertainty created by the Commission's policy shift for dealmakers, especially in sectors characterised by innovation, such as the tech and pharmaceutical sectors.
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Clifford Chance
