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Initial Tender in EssilorLuxottica Merger Successful

PARIS — Shares in EssilorLuxottica were trading up on the Paris Stock Exchange on Thursday, following the completion of the initial tender period for Luxottica shares.
The stock was trading up 3.9 percent to 112.05 euros in midafternoon trading, after the group revealed it controls 93.31 percent of Luxottica’s shares.
As reported, Luxottica executive chairman Leonardo Del Vecchio‘s family holding Delfin in early October submitted its shares in the giant Italian eyewear group, or 62.42 percent of the total, at a ratio of one share in Luxottica for each 0.461 Essilor share. A mandatory exchange offer for all remaining shares at the same ratio was launched by EssilorLuxottica, with the view of delisting Luxottica’s shares in Milan.
Essilor chief financial officer Hilary Halper told the company’s first annual shareholder meeting in Paris on Thursday that the process was expected to be completed before the end of the first quarter of next year. The sellout procedure will take place from Dec. 19 to Jan. 18 via a second tender period, a company spokeswoman confirmed.
The 83-year-old Del Vecchio said the 46-billion-euro merger left him sensing “the same energy and enthusiasm I felt among Agordo’s mountains when I founded Luxottica 60 years ago.”
“Talking for the first

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Via:: https://wwd.com/accessories-news/eyewear/initial-tender-essilorluxottica-merger-successful-1202915942/