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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  EssilorLuxottica    EL   FR0000121667

ESSILORLUXOTTICA

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Exclusive: EssilorLuxottica's €7.2 billion Dutch deal faces full EU probe - sources

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01/31/2020 | 06:01am EDT
FILE PHOTO: The Luxottica name is reflected in a pair of sunglasses in this photo illustration taken in Rome

EssilorLuxottica 7.2 billion euro ($8 billion) bid for Dutch opticians group GrandVision faces a full-scale EU antitrust investigation after it declined to offer concessions to address concerns, people familiar with the matter said on Friday.

EssilorLuxottica, formed last year from the merger of French lens maker Essilor and Italian eyewear group Luxottica, gave up the chance to offer concessions on Thursday, the deadline for doing so, the European Commission website showed.

Last year's deal also triggered an investigation and feedback from nearly 4,000 opticians but was eventually cleared unconditionally.

The new deal will give EssilorLuxottica control of more than 7,000 stores worldwide.

The Commission, which will open the full-scale probe following the end of its preliminary review on Feb. 6, and EssilorLuxottica declined to comment. Its shares dipped on the Reuters story and were down 0.8% in early trade.

GrandVision was not immediately available for comment.

The sources said retailers and rival lens makers had expressed concerns to the EU competition watchdog. EssilorLuxottica however has pointed to the growing market clout of independent and specialist lens makers.

GrandVision, whose chains include Vision Express in Britain and For Eyes in the United States, sells brands including Varilux lenses and Ray-Ban sunglasses.

EssilorLuxottica's retail brands include David Clulow opticians, Sunglass Hut and Spectacle Hut.

By Foo Yun Chee

Stocks mentioned in the article
ChangeLast1st jan.
ESSILORLUXOTTICA 1.47% 97.76 Real-time Quote.-28.01%
GRANDVISION N.V. 2.68% 22.95 Delayed Quote.-16.30%
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Financials (EUR)
Sales 2019 17 386 M
EBIT 2019 2 772 M
Net income 2019 1 334 M
Debt 2019 2 272 M
Yield 2019 2,21%
P/E ratio 2019 27,1x
P/E ratio 2020 26,8x
EV / Sales2019 2,55x
EV / Sales2020 2,62x
Capitalization 42 081 M
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Technical analysis trends ESSILORLUXOTTICA
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 126,61  €
Last Close Price 96,34  €
Spread / Highest target 55,7%
Spread / Average Target 31,4%
Spread / Lowest Target -6,58%
EPS Revisions
Managers
NameTitle
Leonardo del Vecchio Executive Chairman & Chief Executive Officer
Laurent Vacherot President, Co-COO & Non-Independent Director
Paul du Saillant Co-Chief Operating Officer
Jean Carrier-Guillomet Co-Chief Operating Officer
Stefano Grassi Co-Chief Financial Officer
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