Italian eyewear maker Luxottica (NYSE:LUX) and France’s leading lens manufacturer, Essilor (EPA:EI), have reached a €46 billion ($49 billion) agreement to merge and create a global eyewear company with annual revenue of more than €15 billion.
“Finally … 2 products which are naturally complementary – namely frames and lenses – will be designed, manufactured and distributed under the same roof,” Luxottica’s founder Leonardo Del Vecchio said in a statement on Monday, according to Reuters. Luxottica shares were up by 8.6% to €53.80 on Monday afternoon, while Essilor shares were up 12.2% to €114.60.
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