The proposed merger of Italian spectacles maker Luxottica with French lens manufacturer Essilor will require thorough vetting by European antitrust authorities, the head of the bloc’s competition watchdog said on Saturday.
Luxottica, the world’s biggest eyewear company whose brands include Ray-Ban and Oakley, agreed in January a merger with Essilor, the biggest lens maker, to create an industry giant with a market value of €47 billion (US$56 billion), more than €15 billion (US$17.8 billion) in revenues and 144,000 staff.
The deal needs to clear antitrust hurdles in several countries and if approved is expected to close around the end of the year.
EU Competition Commissioner Margrethe Vestager said it was too early to say whether approval may require the companies to make significant concessions.
“These are companies that have very big market shares and also, when it comes to sunglasses and lenses for glasses, obviously this is an important market, it is a very valuable market so I cannot say,” she told Reuters on the sidelines of the Ambrosetti business conference in Italy.
Full Content: Boursier
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