EssilorLuxottica bid target GrandVision to sell off Chilean operations

EssilorLuxottica said on Monday Dutch eyewear group GrandVision - which the French-Italian spectacles maker is attempting to buy - has agreed to sell its Chile units to the main shareholder HAL Trust.

EssilorLuxottica, whose brands include Ray-Ban and Oakley, added that the closing of the acquisition of GrandVision was still pending a sign-off from Turkey's competition authority, as well as decisions over ongoing arbitral proceedings.

EssilorLuxottica's 7.2 billion euros ($8.6 billion) bid to control the Dutch eyewear group's more than 7,000 outlets across the world was one of the largest takeover deals announced globally in 2019.

EU antitrust regulators last month agreed to the takeover under the condition that more than 300 GrandVision-operated stores in three countries should be sold to address competition concerns.