EU antitrust enforcers have temporarily halted an investigation into Ray-Ban maker EssilorLuxottica’s €7.2 billion (US$8.34 billion) bid for Dutch optician group GrandVision, reported Reuters.
The European Union competition regulator did not give details for the move, the third time it has halted proceedings. The previous deadline was August 27.
The move was expected after EssilorLuxottica on Saturday, July 18, sued GrandVision to get information on whether the management of the Dutch eyewear group might have breached its obligations in its handling of the coronavirus crisis.
The EU regulatory halt buys more time for EssilorLuxottica to come up with concessions to address competition concerns. The deadline for doing so was this week.
EssilorLuxottica, owner of the Oakley and Persol brands and Varilux lenses, was formed last year from the merger of French lens maker Essilor and Italian eyewear group Luxottica.
Full Content: Reuters
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