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Essilor Luxottica Merger Deadline Extended

Essilor and Luxottica have extended to July 31 the deadline of their contractual agreements regarding the pending merger of the two companies, as they await approval from the China trade authority, one of the last hurdles in the mega-merger that will create a new company to be called EssilorLuxottica.
 
The contractual agreements relate to the combination of the corporate entities and the contribution of stocks and capital between Essilor and Delfin, Luxottica’s majority stockholder. You can read about these agreements here.
 
According to a statement released by Essilor, the Chinese competition authority has not yet approved the merger; such approval being a condition precedent to the closing of the combination. According to Essilor, the parties remain confident that they will succeed in completing the antitrust processes in China and Turkey in the coming weeks. 
 
The first General Meeting of EssilorLuxottica shareholders, which was scheduled for July 25, 2018, will be reconvened by the EssilorLuxottica’s Board of Directors for a later date to be announced soon.