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The Franco-Italian group EssilorLuxottica, a manufacturer of corrective lenses and optical instruments, has received a statement of objections (“charged sheet”) from Brussels concerning its proposed acquisition of the competing group GrandVision.
The European Commission fears that the takeover could lead to a reduction in competition on the wholesale market for eyeglasses and contact lenses and on the retail market for optical products.
The group had announced to its majority shareholder HAL last July its intention to acquire 76.72% of the capital of GrandVision. It plans to launch a takeover bid for the balance of the capital at a price of 28 euros per share, valuing the company at 7.2 billion euros.
According to the Financial Times, the EssilorLuxottica group will respond to the Commission’s concerns by the end of the month and will be able to contact the regulators to defend this acquisition.
An in-depth investigation into this acquisition, launched by the European Commission, has been ongoing since last February. The Commission has until 13 August to give its verdict on the deal.
Read also > ESSILORLUXOTTICA RAISES THREE BILLION EUROS IN BONDS
Featured photo : © Unsplash[/vc_column_text][/vc_column][/vc_row]
