Essilor: Luxottica merger to close in Q3
(CercleFinance.com) - On the occasion of its half-yearly accounts, Essilor announced yesterday that the Chinese competition authority, the SAMR, approved its combination with Luxottica subject to certain conditions.
The transaction is expected to close in Q3.
The opinion issued by SAMR was the last remaining hurdle to the transaction. To obtain this ratification, the two groups had to make “certain commitments with regard to the conduct of their business in China”: firstly to inform the SAMR about their future acquisitions and secondly “to ensure availability of their products and services to all customers in China on a fair basis”.
“The two companies are also progressing with their discussions with the Turkish antitrust authority and expect the closing of the transaction at the end of the third quarter” says Essilor.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The transaction is expected to close in Q3.
The opinion issued by SAMR was the last remaining hurdle to the transaction. To obtain this ratification, the two groups had to make “certain commitments with regard to the conduct of their business in China”: firstly to inform the SAMR about their future acquisitions and secondly “to ensure availability of their products and services to all customers in China on a fair basis”.
“The two companies are also progressing with their discussions with the Turkish antitrust authority and expect the closing of the transaction at the end of the third quarter” says Essilor.
Copyright (c) 2018 CercleFinance.com. All rights reserved.