The companies haven't offered any concessions.
European regulators are likely to take a closer look at the proposed merger between Essilor and Luxottica, Reuters reports.
That's because the companies did not offer any concessions to address their concerns by a Sept. 19 deadline.
It's now likely the European Commission will launch a "full-scale" investigation, Reuters reports. It would last about four months.
Europe are reportedly worried that the proposed merger of Essilor and Luxottica would concentrate too much market power in the hands of the combined entity.
In New Zealand, the Commerce Commission recently granted clearance for Essilor and Luxottica to merge their business activities in that country. The companies will also need regulatory clearance in the U.S.
Luxottica, based in Milan, Italy, is the largest eyewear firm in the world, with a brand portfolio that includes names such as Ray-Ban and Oakley. Its retail division includes many well-known names, including LensCrafters, Sunglasses Hut and Pearle Vision.
Essilor, which makes lenses as well as instruments and equipment, is based in France. Its brand portfolio includes names such as Varilux, Crizal, Transitions and Foster Grant.
Read more at Reuters
The Latest Orbit Headlines
- New Optometry School to Open Within 5 Years, Enroll 70 Students
- Eye Doctor Could Spend Decades in Prison for $100M Medicare Fraud
- Optical Firm to Invest $27M in Distribution Center, Create 223 Jobs
- University Considers Adding Optometry Program
- Competitor Drops Challenge to Kering Eyewear's 'Made in Italy' Labeling