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EL - EssilorLuxottica SA News Story

€139.88 1.7  1.3%

Last Trade - 14/05/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £52.72bn
Enterprise Value £55.77bn
Revenue £12.43bn
Position in Universe 18th / 850

EXCLUSIVE-EssilorLuxottica's 7.2 bln euro Dutch deal faces EU probe - sources

Fri 31st January, 2020 10:28am
(Adds European Commission comment, companies not immediately
available for comment, details)
    By Foo Yun Chee
    BRUSSELS, Jan 31 (Reuters) - EssilorLuxottica's  ESLX.PA 
7.2 billion euro ($8 billion) bid for Dutch opticians group
GrandVision  GVNV.AS  will face a full-scale EU antitrust
investigation after the company declined to offer concessions
during an initial review, people familiar with the matter said
on Friday.
    EssilorLuxottica, which was formed last year from the merger
of French lens maker Essilor and Italian eyewear group
Luxottica, gave up the chance to offer concessions on Thursday,
the deadline for doing so, the European Commission website
showed.
    Last year's deal also triggered an investigation and
feedback from nearly 4,000 opticians but was eventually cleared
unconditionally.
    The Commission, which will open the full-scale probe
following the end of its preliminary review on Feb. 6, declined
to comment.
    Both EssilorLuxottica and GrandVision were not immediately
available for comment. The sources said retailers and rival lens
makers had expressed concerns to the EU competition watchdog.
EssilorLuxottica however has pointed to the growing market clout
of independent and specialist lens makers.
    GrandVision, whose chains include Vision Express in Britain
and For Eyes in the United States, would give EssilorLuxottica
control of more than 7,000 outlets across the world where it
already sells brands including Varilux lenses and Ray-Ban
sunglasses.  urn:newsml:reuters.com:*:nL8N24W0ZB
($1 = 0.9014 euros)

 (Reporting by Foo Yun Chee
Additional reporting by Anthony Deutsch in Amsterdam and Mathias
Blamont in Paris
Editing by David Holmes)
 ((foo.yunchee@thomsonreuters.com; +32 2 287 6844; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))
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