The merger between optical giants Essilor and Luxottica—which was first announced in January 2017—appears to be nearing completion. This morning, Essilor announced that it has scheduled the first shareholders’ meeting of the new EssilorLuxottica on July 25 in anticipation of the completion of the merger, which it said is expected to occur “within the coming weeks.”
Since the announcement of the planned merger last year, the agreement has been going through a review and approval process from trade regulatory commissions across the globe. In March of this year, it was cleared by both the U.S. Federal Trade Commission (FTC) and antitrust regulators in the European Union (EU). The merger is still being reviewed by trade regulatory bodies in China and Brazil.
Essilor, which will be renamed EssilorLuxottica on the day the combination of the two companies becomes effective, plans to submit to the shareholders’ meeting resolutions that will give it the means to implement its development projects as quickly as possible after the combination is completed.
According to Essilor’s statement this morning, the meeting is being planned based on the assumption that the combination of Essilor and Luxottica will have taken effect by that date. All Essilor and Luxottica executives and staff, it states, “are fully engaged to reach that goal.”
If the combination is not completed in time to allow the meeting to be held on July 25, another meeting will be organized for a later date with the same agenda.
This shareholders’ meeting, which would be the first to bring together EssilorLuxottica shareholders, would be co-chaired by Leonardo Del Vecchio, EssilorLuxottica executive chairman, and Hubert Sagnières, EssilorLuxottica executive vice-chairman.