EU regulators to clear Luxottica, Essilor deal without conditions: sources

Image
Reuters BRUSSELS
Last Updated : Dec 14 2017 | 7:56 PM IST

By Foo Yun Chee and Julia Fioretti

BRUSSELS (Reuters) - Italy's Luxottica and French glasses group Essilor are set to win unconditional EU antitrust approval for their 48-billion-euro ($56.8 billion), two people familiar with the matter said on Thursday.

The deal between Luxottica, the world's biggest eyeglass frame maker, and Essilor, the world No. 1 lens maker, would create a company that would make products ranging from Ray-Bans to Giorgio Armani frames and have a major eyeglass retail outlet.

The European Commission, which had some initial concerns about the mega deal, declined to comment. Luxottica also declined to comment.

The deal was worth 46 billion euros when it was unveiled in January. The companies' higher share prices since then has pushed up the figure to 48 billion euros.

Luxottica's brands include Ray Ban and Persol, and licensed names such as Chanel and Armani. ($1 = 0.8454 euros)

(Reporting by Foo Yun Chee and Julia Fioretti, additional reporting by Agnieszka Flak in Milan; editing by Philip Blenkinsop)

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Dec 14 2017 | 7:31 PM IST

Next Story