Luxottica and Essilor complete merger process and create 15 billion euro giant
The new group will hold its fits board meeting on November 29, while company shares could start trading at Euronext Paris as soon as of tomorrow. Essilorluxottica will operate in 150 countries worldwide.
Luxottica and Essilor complete their merger. Twenty-one months after announcing their fusion, the eyewear group and the ophthalmic lens maker has finished the process, as shares of the newly born company could start trading at Euronext Paris as soon as of tomorrow.
Through its subsidiary Delfin, Luxottica will transfer its shares to Essilor, which will be renamed as Essilorluxottica. In October 11, as part of the merger process, the new company will submit to the Italian stock exchange the prospectus related to the mandatory public offer for the subscription of shares, according to Il Messanggero.
This way, the union between Luxottica, one of the biggest eyewear manufacturers worldwide with brands like Ray-Ban, and Essilor, focused on ophthalmic lens. The first board meeting of the group will take place on November 29.
Essilorluxottica will be present In 150 countries worldwide and generate revenues of 15 billion euros per year
Essilorluxottica will operate in 150 countries worldwide with a workforce of 140,000 employees. The group has revenues of more than 15 billion euros per year. The merger process was kick-started in January 2017, but its approval has been delayed for several reasons, among them an investigation by the European Commission to ensure that the new company didn’t violate competition rules.
Last March, Brussels approved the deal and, later on, Chinise antitrust bodies also enabled the merger, but with the condition that selling prices weren’t lower than manufacturing costs without a reason to justify this.
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