EssilorLuxottica SA logo

EL - EssilorLuxottica SA News Story

€140.7 1.4  1.0%

Last Trade - 07/05/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £53.60bn
Enterprise Value £56.68bn
Revenue £12.56bn
Position in Universe 18th / 848

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

Fri 31st January, 2020 10:56am
(Adds EssilorLuxottica declines comment, shares)
    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  faces a full-scale EU antitrust
investigation after it declined to offer concessions to address
concerns, people familiar with the matter said on Friday.
    EssilorLuxottica, 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 new deal will give EssilorLuxottica control of more than
7,000 stores worldwide.
    The Commission, which will open the full-scale probe
following the end of its preliminary review on Feb. 6, and
EssilorLuxottica declined to comment. Its shares dipped on the
Reuters story and were down 0.8% in early trade.
    GrandVision was 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, sells brands including
Varilux lenses and Ray-Ban sunglasses.  urn:newsml:reuters.com:*:nL8N24W0ZB
    EssilorLuxottica's retail brands include David Clulow
opticians, Sunglass Hut and Spectacle Hut.
    ($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 and Jason Neely)
 ((foo.yunchee@thomsonreuters.com; +32 2 287 6844; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))
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