ESLOY Essilor Luxottica (PK)

   By Euan Conley 
 

The European Commission has approved the proposed merger between French lens manufacturer Essilor SA (EI.FR) and Italian luxury eyewear maker Luxottica Group SpA (LUX.MI).

The commission said Thursday that the merger would not harm competition in the European Economic Area or any substantial part of it.

"We've received feedback from nearly 4,000 opticians in a market test in Europe that Essilor and Luxottica would not gain market power to harm competition," said Margrethe Vestager, the EU's competition commissioner.

Luxottica, which owns the Ray-Ban, Persol and Oakley brands, agreed in January 2017 to merge with Essilor in a deal that would create a company with a combined market value of about 46.3 billion euros ($56.6 billion).

Both companies' share prices rose following the news. Essilor trades up 5.0% at EUR113.20, while Luxottica trades up 4.9% at EUR51.78.

Write to Euan Conley at euan.conley@dowjones.com

(END) Dow Jones Newswires

March 01, 2018 06:41 ET (11:41 GMT)

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