Merger deadline extended as Essilor and Luxottica await approval from China

Essilor and Luxottica have extended the deadline of the combination agreement as the companies await approval from the Chinese competition authority.

The deadline for both the combination agreement and contribution agreement signed between Essilor and Luxottica’s majority shareholder, Delfin, has been extended to 31 July.

Approval from the Chinese competition authority is a condition precedent to the closing of the combination and it has not yet been given.

However, the companies remain confident that they will succeed in completing the anti-trust processes in China and Turkey before the new date.

The €46bn (£40bn) deal will see the two companies merge to become EssilorLuxottica.

Pictured is chief executive officer of Essilor, Hubert Sagnieres, and founder of Luxottica, Leonardo Del Vecchio