EssilorLuxottica SA logo

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

UPDATE 1-EssilorLuxottica set to get EU warning about Dutch deal - sources

Thu 4th June, 2020 3:48pm
(Adds European Commission, GrandVision decline comment,
EssilorLuxottica not immediately available)
    By Foo Yun Chee
    BRUSSELS, June 4 (Reuters) - EU regulators are set to warn
Ray-Ban maker EssilorLuxottica that its 7.2 billion euro ($8.1
billion) bid for opticians group GrandVision may harm
competition, people familiar with the matter said, pressuring
the group to offer concessions.
    EssilorLuxottica  ESLX.PA , formed last year from the merger
of French lens maker Essilor and Italian eyewear group
Luxottica, also owns the Oakley and Persol brands and Varilux
lenses.
    The deal would give the group control of more than 7,000
GrandVision outlets across the world 
    The European Commission will send a statement of objections
outlining its concerns in the coming days, the people said, a
move which typically ratchets up the pressure on companies to
offer concessions to allay competition concerns.
    The EU competition enforcer, which is scheduled to decide on
the deal by Aug. 13, and GrandVision declined to comment.
EssilorLuxottica was not immediately available to comment.
    Retailers and rival lens makers have expressed concerns to
the EU antitrust watchdog, other sources have told Reuters. The
Commission has zoomed in on the British and Italian markets by
asking independent retailers for feedback.  urn:newsml:reuters.com:*:nL8N2BD68T
    EssilorLuxottica however argues that independent and
specialist lens makers have shown growing market clout.
    
    ($1 = 0.8880 euros)

 (Reporting by Foo Yun Chee; Additional reporting by Matthias
Blamont in Paris and Toby Sterling in Amsterdam; Editing by
Robin Emmott and Jan Harvey)
 ((foo.yunchee@thomsonreuters.com; +32 2 287 6844; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))
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