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Deadline for Essilor-Luxottica Merger Extended

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Essilor and Luxottica announced the extension to July 31 of the deadline of their combination agreements.

The deals were signed by Essilor and Delfin, Luxottica’s majority shareholder.

The Chinese competition authority has not yet approved the proposed merger, which is a necessary condition for the deal to close, according to a press release.

“The parties remain confident that they will succeed in completing the antitrust processes in China and Turkey in the coming weeks,” according to the release.

The first General Meeting of EssilorLuxottica shareholders had been scheduled for July 25. It will be rescheduled, according to the release.

Earlier this year, the companies announced that their proposed merger has received the OK from authorities in both the U.S. and Europe.

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Milan, Italy-based Luxottica’s proposed deal with Essilor, a France-based maker of lenses as well as instruments and equipment, is valued at 48 billion euros (U.S. $56.5 billion). The combined company would be called EssilorLuxottica.

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