BRUSSELS: The EU on Tuesday approved the buyout by Ray-Ban sunglasses maker EssilorLuxottica of Dutch optical retailer GrandVision, on condition that they sell 350 shops in Belgium, Italy and the Netherlands.
The competition probe showed that, by acquiring a greater retail footprint, EssilorLuxottica could have limited the access of rival opticians to its branded eyewear products, a statement said. The companies agreed to the divestments, thereby winning the greenlight from Brussels, which had the power to stop the transaction.
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