Luxottica and Essilor have extended the deadline, to 31 July, 2018, of both the Combination Agreement1 and Contribution Agreement2, which is to be signed between Essilor and Delfin, Luxottica’s majority shareholder.
This is because the Chinese competition authority has not yet approved the proposed combination between Luxottica and Essilor, which is a condition precedent to the closing of the completion. In a statement Luxottica said, “parties remain confident that they will succeed in completing the antitrust processes in China and Turkey in the coming weeks”.
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 25 July 2018, will be reconvened by the EssilorLuxottica’s Board of Directors for a later date to be announced as soon as possible.
On January 15, 2017, Essilor and Delfin entered into a combination agreement (the “Combination Agreement”) setting forth the terms of the proposed combination between Essilor and Luxottica.
- The terms and conditions of the contribution by Delfin of its entire equity interest in Luxottica to Essilor, in exchange for new shares to be issued by Essilor, are set forth in a contribution agreement entered between Delfin and Essilor on March 22, 2017 (the “Contribution Agreement”).