Luxottica-OPSM: the Australian Competition and Consumer Commission Gives the Green Light

The Australian Competition and Consumer Commission has given the go-ahead for class="linktxt" target="_blank" href="http://www.luxottica.it">Luxottica's acquisition of OPSM Ltd, worth 550 million dollars. According to commission Chairman Graeme Samuel, the deal will not lessen competition in any way. 'The merged firm may achieve some efficiencies from its integration and, given the presence of other competitors and the availability of other brands, would be unlikely to have market power at the wholesale or retail levels that would cause prices to rise.'

OPSM has not opposed the takeover offer. Giovanni Pesce, Managing Director of Luxottica, noted that the ACCC's approval gives the company enormous satisfaction. 'The Luxottica offer is appropriate and will yield excellent results also for OPSM shareholders and option-holders,' he stated. 'We are delighted that so many shareholders have accepted the offer and we are impatient to receive further consent as soon as possible.' For the time being, the Agordo group has obtained the approval of 19.96% of its shareholders.