The public exchange offer of EssilorLuxottica on Luxottica closed for the merger between the two groups: after having reached 93.3% in the ‘normal’ terms, the reopening of the window for the conferral of the shares closed by collecting more than 4% of the capital, for a total of 97.5%, then over 95% starting the ‘squeeze out’. The Luxottica stock starts delisting from the Milan Stock Exchange, whose conclusion is expected between late February and early March, while the EssilorLuxottica holding is listed in Paris.
The merger between the two groups (the giants respectively of the frames and lenses) has already been ratified by the assemblies, but this step served to collect the last Luxottica shares still in circulation, while the latest ones – that is, about 2.4% missing – they will probably be delivered shortly, as the holders will soon find themselves in an illiquid stock, not listed on any market.
Now the holding company will also begin the procedures to identify the CEO of a group worth 17 billion of revenues, with 48 capitalization on the stock exchange. A giant that sees Luxottica’s president Del Vecchio with the same powers as the transalpine management, but in a dominant position as a shareholder: through Delfin it has 31% of the voting rights, which constitutes a de facto control. Certainly now it is a company entirely under French law, but perhaps the old entrepreneur has seen us along this time too: his’ factories are still largely in Veneto, but has been taken almost completely from ‘risk Italy’.