Del Vecchio’s grand M&A vision needs clearer focus LJucca
EssilorLuxottica, 32% owned by Italian entrepreneur Leonardo Del Vecchio, said on July 17 it was in talks to purchase a 77% stake in Dutch optical retailer GrandVision from investment group HAL Trust.
EssilorLuxottica offered 28 euros per share in cash for GrandVision, a 33% premium to its undisturbed price on July 16. The offer values GrandVision at 7.8 billion euros including debt. GrandVision sells frames and lenses across 7,200 stores globally. EssilorLuxottica’s retail network counts over 10,000 stores.
Essilor, which makes prescription lenses, and frame maker Luxottica, founded by Del Vecchio, agreed to merge in January 2017, creating the world’s biggest eyewear group, worth 52 billion euros. Since the merger, the French and Italian sides have sparred over governance, and the company is still looking for a chief executive.
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