Economics

Now France and Italy Are Fighting Over Sunglasses

Italian billionaire faces off against French managers
Share price tumbles as merger synergies ‘all but discarded’

Essilor International SA To Buy Ray-Ban Maker Luxottica Group SpA For About $24 Billion — Photographer: Chris Ratcliffe/Bloomberg

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By Carol Matlack

March 21, 2019 at 2:03 PM UTC

This article is for subscribers only.

France and Italy, already tussling over everything from immigration to economics, have added sunglasses to their list of grievances.

When Ray-Ban owner Luxottica and French prescription lens-maker Essilor completed a $53 billion merger last October, the deal seemed to clear the way for the Italian company’s 83-year-old founder Leonardo Del Vecchio to hand over management duties and start transferring his $20 billion fortune to heirs.