Billionaire Luxottica Founder Secures Legacy in Essilor Deal
- After sale, Del Vecchio will be top shareholder of new company
- “You can fire an executive, but not one of your children”
Luxottica, Essilor Said to Agree to $53 Billion Merger
For years, Leonardo Del Vecchio has sought to find a successor at Luxottica Group SpA, the eyewear retailer and manufacturer he founded in 1961. The 81-year-old has seen the departure of a slew of top executives in recent years, and he has made it clear that he doesn’t want his children to take over. A deal with France’s Essilor offers a tidy solution.
Luxottica and Essilor, a French producer of lenses for eyeglasses, on Monday announced they plan to join forces. In the all-stock transaction, Essilor will offer 0.461 shares for each share of Luxottica. Del Vecchio, will become by far the largest shareholder in the combined company, with as much as 38 percent of the stock and 31 percent of voting rights.