Proposed Essilor-Luxottica Deal Is Approved in Canada

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CHARENTON-le-PONT, France and MILAN, Italy—Essilor (Euronext Paris: EI) and Luxottica (MTA: LUX) announced yesterday that the proposed combination between the two companies has been cleared by the Canadian Competition Bureau.

Canada is one of the five jurisdictions where antitrust approvals are a condition precedent to the closing of the transaction, the companies said. The others are the U.S., China, Brazil and Europe.

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.

In a prior development earlier this month, the EU has restarted its Essilor-Luxottica probe, according to a posting on the EU website. The probe had been suspended earlier in November after the companies failed to submit certain requested data. Following the brief suspension, the European Commission, which is the EU competition watchdog conducting the examination, pushed back the provisional deadline for completing it from Feb. 26, 2018 to March 8, 2018. The European Commission opened its investigation on Sept. 26.