1/16/2017, 1:58 AM (Source: TeleTrader)
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FT: Luxottica, Essilor in €50 billion merger deal

Italian Luxottica and French Essilor agreed a €50 billion merger deal, creating a global leader in the eyewear industry, the Financial Times reported on Monday.

One of the largest ever European cross-border mergers is due to be announced on Monday, before the financial markets open. The deal brings together the world leading consumer eyewear group with the world leading manufacturer of lenses. The combined sales of the two entities amount to about €14 billion.

The founder of Luxottica, Leonardo Del Vecchio, also Italy’s richest man, will become the largest single shareholder in the future company, with about a 33% stake, and will serve as executive chairman, according to the newspaper. The merged group will be listed in Paris.

Breaking the News / RV