A PYMNTS Company

EU Halts Probe Into EssilorLuxottica’s Deal, Again

By  |  July 23, 2020

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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.