Ray Ban manufacturer bought by Third Point investment company
The activist investor Third Point has reportedly purchased a share of the French-Italian sun glass giant EssilorLuxottica. Reuters news agency reports on the basis of insiders that the hedge fund of billionaire Daniel Loeb has already spoken to the chairman of the maker of Ray-Ban sunglasses. It is not clear what Third Point exactly wants at EssilorLuxottica and how big the interest in the company is.
EssilorLuxottica was created last year from the merger of the Italian Luxottica and the French Essilor. Earlier this year, EssilorLuxottica was struggling with rumbling in senior management because of a power struggle between the top managers. This issue has now been resolved. But there would still be a search for a new top man to make substantial savings.
EssilorLuxottica is also the buyer of the Pearle dam GrandVision, which is listed in Amsterdam. The group announced this summer that it would acquire a 76.72 percent stake in GrandVision from investor HAL. The billion dollar deal must be completed within one to two years.