EssilorLuxottica SA logo

EL - EssilorLuxottica SA News Story

€139.08 -0.8  -0.5%

Last Trade - 16/04/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £52.73bn
Enterprise Value £55.80bn
Revenue £12.50bn
Position in Universe 19th / 847

UPDATE 1-EssilorLuxottica offers to sell stores to win EU okay for Dutch deal - source

Tue 9th February, 2021 9:31am
(Adds detail)
    By Foo Yun Chee
    BRUSSELS, Feb 9 (Reuters) - Ray-Ban maker EssilorLuxottica
 ESLX.PA  has offered to sell assets in three EU countries in a
bid to gain EU antitrust approval for its 7.2-billion-euro ($8.7
billion) purchase of GrandVision  GVNV.AS , a person familiar
with the matter said on Tuesday.
    EssilorLuxottica submitted its offer to the European
Commission on Monday, a filing on the EU executive's site
showed. The EU competition enforcer will decide by April 12
whether to clear or block the deal.
    EssilorLuxottica is fighting GrandVision in a Dutch court
over their deal agreement.  urn:newsml:reuters.com:*:nL8N2G10M1
    EssilorLuxottica was formed in 2018 through a merger of
French lens manufacturer Essilor and Italian spectacles maker
Luxottica and also makes eyewear for luxury brands such as
Chanel, Prada and Versace.
    In a court filing last year it said EU antitrust regulators
had demanded that it divest stores in Belgium, France, Italy and
the Netherlands to win approval for the deal.
    It said the demand included the sale of Dutch retail chains
Pearle and Eye Wish Opticiens.
    EssilorLuxottica has since convinced the EU competition
enforcer to narrow the scope of required divestments to three
countries, the person said, declining to provide further detail.
    The Commission will now seek feedback from rivals, suppliers
and customers before deciding whether to accept the offer, ask
for more or block the deal. 
    ($1 = 0.8281 euros)

 (Reporting by Foo Yun Chee; editing by Jason Neely)
 ((foo.yunchee@thomsonreuters.com;))
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