Luxottica's main shareholder exempted from tender offer for Essilor

AMF, the French financial markets regulator, indicated on Wednesday that it will dispense Luxottica's main shareholder, the Delfin holding company, from submitting a tender offer for Essilor, as the Italian eyewear giant and the French ophthalmic optics group are about to merge.

The merger announced last January between French group Essilor, the world number one in ophthalmic optics, and Italian group Luxottica, the world's leading eyeglasses and frames manufacturer, will take the form of an incorporation of Luxottica by Essilor. The Delfin holding company, owned by Luxottica's boss Leonardo Del Vecchio, will confer its 62% holding in Luxottica to Essilor, in exchange for new shares issued by the French group.

This would lead Delfin to rise above the 30% threshold in Essilor capital and voting rights, making it mandatory for Delfin to ask AMF for exemption from submitting a tender offer for Essilor's entire capital.