Luxottica and Essilor in 46 billion euro merger to create eyewear giant

FILE PHOTO: Sunglasses from Ray Ban are on display at an optician shop in HanauBy Valentina Za and Sudip Kar-Gupta MILAN/PARIS (Reuters) – Italy's Luxottica and France's Essilor have agreed a 46 billion euro ($49 billion) merger to create a global eyewear powerhouse with annual revenue of more than 15 billion euros. The all-share deal is one of Europe's largest cross-border tie-ups and brings together Luxottica, the world's top spectacles maker with brands such as Ray-Ban and Oakley, with leading lens manufacturer Essilor. "Finally … two products which are naturally complementary — namely frames and lenses — will be designed, manufactured and distributed under the same roof," Luxottica's 81-year-old founder Leonardo Del Vecchio said in a statement on Monday.

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