Competition concerns raised over Essilor and Luxottica deal

The European Commission has initiated a phase two review of the proposed £40 billion (€46bn) Essilor and Luxottica merger.

A phase two review is opened when the European Commission has concerns that the transaction could restrict competition in the internal market.

Essilor and Luxottica said they will both fully cooperate with the European Commission to demonstrate the benefits of the proposed deal for customers and the wider eyewear industry.

The companies aim to complete the deal by the end of the year, and it has so far been unconditionally cleared in Russia, India, Columbia, Japan, New Zealand, South Africa and South Korea.

The European Commission has 90 working days to make a decision on the transaction at which stage it will either unconditionally clear the merger, approve it subject to remedies, or prohibit the deal.