--Ray-Ban owner EssilorLuxottica SA faces a penalty of about 80 million euros ($86.9 million) for missing a deadline for regulatory approval of its deal to take over GrandVision NV, the Financial Times reports, citing unnamed sources.
--The Franco-Italian optical company had agreed to pay a penalty if it doesn't close the EUR7 billion deal by the end of July but, given the coronavirus shutdown, the European Commission has suspended its competition investigation making it likely that Brussels won't clear the deal before this deadline, the FT reports.
--EssilorLuxottica will have to pay the penalty despite this being due to the coronavirus, and other deals face similar likely penalties according to merger advisors, the FT reports.
Full story: https://on.ft.com/2RKeUMy
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