Israeli optician chains, including Optics Halperin Ltd., Opticana Ltd., and Super-Pharm Optics all oppose the deal.
Sources inform ''Globes'' that the Antitrust Authority today approved the acquisition of optician chain Erroca by Italian-based global chain Luxottica SpA (BIT; NYSE: LUX) for €20 million. The Antitrust Authority approved the sale, after Erroca proposed amendments in the deal in response to wall-to-wall objections by the opticians sector.
Luxottica now has to approve the amendments. Erroca owner Michael Wolf will meet Luxottica executives in Italy next week.
Israeli optician chains, including Optics Halperin Ltd., Opticana Ltd., and Super-Pharm Optics all oppose the deal. Erroca has 63 branches nationwide. Its takeover by Luxottica is the first time that a foreign chain is entering the Israeli market. It will replace the Erocca brand with its own Sunglass Hut label.
Published by Globes [online], Israel business news - www.globes-online.com - on January 5, 2012
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