EssilorLuxottica heir buys out siblings in €10 billion deal [Yahoo! Finance]
ESSILOR LXTTCA UNSP/ADR (ESLOY)
NASDAQ:AMEX Investor Relations:
essilor.com/en/investors
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Source: Yahoo! Finance
to $12 billion) deal that would allow Leonardo Maria Del Vecchio to buy out two of his siblings and become the company's largest individual shareholder. Reuters reported that the proposal passed a shareholder threshold at a special meeting on Monday. Bloomberg said most of the eight shareholders approved the plan, while Il Sole 24 Ore, via Reuters, said six out of eight were in favor. It is still unclear if this vote is enough to finalize the deal, since lenders also play a role. Through an investment vehicle, Leonardo Maria Del Vecchio — who serves as Ray-Ban brand president at EssilorLuxottica and is turning 31 next week — would take on the combined 25% stake belonging to his siblings Luca and Paola. That would bring his total holding in Delfin to 37.5%. To back the transaction, Bloomberg reported that Leonardo Maria Del Vecchio has been negotiating a financing package with UniCredit, BNP Paribas, and Credit Agricole. One structure under consideration would be a bridge loan, B
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