Optical: the merger of Essilor and Luxottica adjourned to July

The giant world of corrective lenses, Essilor and the lunettier Italian Luxottica announced Friday, June 29, the postponement of the finalization of their merger at the end of July, pending the approval of the chinese authorities. The two companies revealed in a joint statement, “the extension to July 31, 2018 of the term of the merger agreement” which was to be completed by the end of June.

The companies are still awaiting the approval of the authority of the chinese competition, “a condition precedent to the closing of the combination,” according to the same source. The two groups have also obtained all other clearances, including those of the european and american authorities on the 1st of march.

The world number one optical

Essilor and Luxottica, who were counting on a fast-track procedure, had already announced a first annual general meeting on 25 July, which is logically also postponed, with no specific date in the immediate future. The AG will be “new meeting shall be called by the Board of directors of EssilorLuxottica at a later date, communicated in the best possible time,” said the companies. The union, announced in January 2017, should give birth to the world’s number one integrated optics, combining lenses and frames.

EssilorLuxottica will be a French-law company, with headquarters located near Paris. The new set, to be listed on Euronext Paris, will represent an annual turnover of around 16 billion euros, for a market value of about $ 50 billion.

(with AFP)

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