Backstage at Prada RTW Spring 2018

MILAN — The Competition Bureau of Canada gave the green light to the proposed merger of the Italian fashion eyewear company Luxottica Group and French lens-maker Essilor, the companies said jointly in a statement on Tuesday.

Canada is one of the five jurisdictions where antitrust approvals must still be given before the transaction is finalized.

The transaction has been cleared so far in 10 other jurisdictions: Australia, Colombia, India, Japan, Morocco, New Zealand, Russia, South Africa, South Korea and Taiwan.

RELATED: Luxottica Executives Defend Essilor Merger >>

As reported, last month the European antitrust authorities launched a procedure to postpone their decision on the proposed 46 billion euros deal between Luxottica and Essilor. European authorities fear the combined company might have enough weight to exclude smaller rivals, noting Luxottica’s position as the largest supplier of eyewear in Europe and the world, while Essilor is the largest supplier of lenses.

Luxottica and Essilor revealed their tie-up plans early this year and formally notified the commission in August. The merger is expected to create an eyewear powerhouse, named EssilorLuxottica, with annual sales of 16 billion euros.

load comments
blog comments powered by Disqus