March 1, 2018 / 10:51 AM / in 9 months

EU clears merger of Essilor, Luxottica without conditions

FILE PHOTO: The Luxottica's headquaters is seen in downtown Milan, February 1, 2016. REUTERS/Stefano Rellandini/File Photo

BRUSSELS (Reuters) - The European Commission on Thursday approved the 48-billion-euro ($58.49 billion) merger of eyewear groups Luxottica (LUX.MI) and Essilor ESSI.PA without setting conditions, saying the merger would not harm competition.

“We’ve received feedback from nearly 4,000 opticians in a market test in Europe that Essilor and Luxottica would not gain market power to harm competition,” EU Competition Commissioner Margrethe Vestager said in a statement.

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 for various well-known brands such as Oakley and Ray-Ban.

Reuters reported in December that the deal would be cleared.

Reporting by Robert-Jan Bartunek

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below