13 October 2017
Essilor has confirmed that it will be renamed EssilorLuxottica as part of the reorganisation of the company ahead of completion of the £40 billion (€46bn) merger with Luxottica.
The company has initiated a hive-down of its activities that it expects to complete by the end of 2017.
A hive-down is a form of reorganisation of a company, whereby a business or businesses are transferred to a subsidiary.
Essilor will move its equity holdings to its Essilor International subsidiary, which will carry on the company’s current operational activities.
Once the competition concerns raised by the European Commission have been satisfied, Essilor will be renamed and become a holding company of the combined group.
In September, the European Commission initiated a phase two review of the merger over concerns that the deal could restrict competition in the internal market.
This new combined group will hold Essilor International and Luxottica. Hubert Sagnieres will be chief executive officer of Essilor International and Laurent Vacherot will be deputy chief executive office.
The company has initiated a hive-down of its activities that it expects to complete by the end of 2017.
A hive-down is a form of reorganisation of a company, whereby a business or businesses are transferred to a subsidiary.
Essilor will move its equity holdings to its Essilor International subsidiary, which will carry on the company’s current operational activities.
Once the competition concerns raised by the European Commission have been satisfied, Essilor will be renamed and become a holding company of the combined group.
In September, the European Commission initiated a phase two review of the merger over concerns that the deal could restrict competition in the internal market.
This new combined group will hold Essilor International and Luxottica. Hubert Sagnieres will be chief executive officer of Essilor International and Laurent Vacherot will be deputy chief executive office.
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