Luxottica: the French press is exultant, another piece of the made in Italy goes beyond the Alps-2- – Corriere della Sera

15:42 Of the Old and’ French-speaking and spends half the year in France (Il Sole 24 Ore Radiocor Plus) – Milan, 16 jan – Le Monde reveals that the negotiations for the transaction had been ongoing for six months. The operation, which was code-was christened ‘Cirrus’. The agreement, then, and have been achieved in the course of the weekend and signed on Sunday afternoon. The new group, EssilorLuxottica, will have a market capitalization of about 50 billion euros, and put’ the new society’ in the seventh position in the Paris Stock exchange. Always according to the reconstructions of the French newspaper, the executives of Essilor and Luxottica, had already tried to engage in discussions for an aggregate two years ago, but without success, because at the time, mr. Leonardo Del Vecchio, who had founded the company in 1961, was not ready to leave their group and its prestigious br ands, such as Ray-Ban and Oakley, in addition to that its distribution network is made of 7,800 points of sale. Then, the difficulties encountered in the search for a successor and the events experienced by other groups such as Esselunga and Ferrero on the succession have probably convinced the entrepreneur to take that first step. Les Echos, in addition, pointed to by the index on the slowdown of the accounts recorded by Essilor, both by Luxottica group, with the latter which in recent months had revised downwards its estimates of growth for the end of the year, taking into account the growth of turnover by only about 2-3% at constant exchange rates, after that in the first six months of the giro d expeditions had risen by only 1.6% to 4.8 billion. It is the same for Essilor, which has been revised for two times the growth forecast for this year (to 3.5% from 4.5% in July and 5% of the beginning of the year, sending up in smoke in a few months 4 billion market capitalization. Le Mo nde underlines again that The Old will be president and ceo of EssilorLuxottica, but the board of directors of the company will be appointed equally by Essilor and Delfin Del Vecchio, an entrepreneur who, again, in le Monde, ‘and’ French-speaking and passes a part of the year in Beaulieu, in the Alpes-Maritimes. More’ holds already asset beyond the Alps, such as Fonciere des regions’. emi- (RADIOCOR) 16-01-17 15:42:50 (0448) 5