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LONDON (dpa-AFX) – According to a press report, the glasses group EssilorLuxottica has to make concessions when it plans to take over the Dutch optics retailer GrandVision. According to the will of the EU Commission, EssilorLuxottica is to sell branches in Italy and other EU countries in order to obtain approval for the acquisition, as the “Financial Times” (FT) reports on Tuesday with reference to EU circles. EssilorLuxottica and the EU Commission did not want to comment on the request of the newspaper.
It has been known since February that the EU is conducting an in-depth review of the transaction. A decision will be made by the EU competition authority on August 20. Criticism of the proposed merger also comes from opticians from many EU countries.
As the “FT” writes, Given the Covid 19 pandemic, EssilorLuxottica has not yet agreed to separate branches in the “heated” negotiations with the EU. EssilorLuxottica argue that the conditions are very unfavorable because of the pandemic. Should EssilorLuxottica give in, the purchase price for GrandVision could also be renegotiated, because then the value of the deal will be lower, as the paper continues.
EssilorLuxottica published its plans in July 2019 to buy GrandVision, which also includes the Apollo-Optik chain, for a little over 7 billion euros. The glasses group plans to take over a total of 76.72 percent of the Dutch company. EssilorLuxottica plans to pay 28 euros per share. The French eyeglass manufacturer Essilor and the Italian eyeglass frame manufacturer Luxottica – with brands such as Ray Ban and Oakley – merged in October 2018./stk/jha/