The European Commission may ask EssilorLuxottica to sell stores in Italy and another EU country, either France or the Netherlands, to secure its planned 7.2 billion euro acquisition of GrandVision, according to the newspaper Financial Times.
But the company has not yet committed to selling shops as it argues that it might be too difficult to sell them because of the Covid-19 pandemic, the newspaper added.
The commission has set Aug. 20 as the deadline to decide on the transaction amid concern that it could lead to reduced competition in the sector and higher prices for consumers.
“This transaction cannot be cleared without concessions,” the FT cited someone with knowledge of the EU’s thinking, adding that Brussels eventually expects the company to propose remedies to clinch the deal. But, the proposed acquisition could still be approved without conditions or be blocked, the daily added citing people with direct knowledge of the matter.
EssilorLuxottica did not comment the FT’s article.