Essilor and Luxottica Take Steps Toward Formal Merger

Essilor and Luxottica Take Steps Toward Formal Merger

Friday, March 24 2017 | 00 h 00 min | Agreements and Acquisitions, News, Press Release

The March 22 Directors meeting of Essilor International have approved the transfer of its activities and shareholdings to Delamare Sovara, its fully-owned subsidiary. Delamare Sovara will subsequently be renamed to Essilor International. Also, the share exchange of Luxottica shares by Delfin, for new Essilor shares was also approved.

These steps were taken subsequent to having obtained favourable opinions of the merger from employee shareholder groups. Discussions concerning the notification process of the transaction to anti-trust authorities are progressing, according to the company release.

The New Board of Directors, subject to shareholder’s approval in May, the new board will consist of the following;

Hubert SAGNIÈRES, Chairman and CEO of Essilor International
Philippe ALFROID, Non-independent Director
Antoine BERNARD DE SAINT-AFFRIQUE, Independent Director
Maureen CAVANAGH, Director representing employee shareholders
Juliette FAVRE, Director representing employee shareholders
Henrietta FORE, Independent Director
Louise FRÉCHETTE, Independent Director
Yi HE, Director representing employee shareholders
Frank HENRIONNET, Director representing employees
Bernard HOURS, Independent Director
Annette MESSEMER, Independent Director
Marc ONETTO, Independent Director
Olivier PECOUX, Non-independent Director
Laurent VACHEROT, President and Chief Operating Officer of Essilor International
Jeanette WONG, Independent Director