Exclusive: Third Point builds stake in Ray-Ban maker EssilorLuxottica - sources [Reuters]
ESSILOR LXTTCA UNSP/ADR (ESLOY)
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Source: Reuters
Exclusive: Third Point builds stake in Ray-Ban maker EssilorLuxottica - sources - Reuters 5 Min Read (Reuters) - Third Point LLC, the U.S. hedge fund that has pushed for changes at companies ranging from Nestle SA ( NESN.S ) to Campbell Soup Co ( CPB.N ), has amassed a stake in Ray-Ban maker EssilorLuxottica SA ( ESLX.PA ), people familiar with the matter said on Sunday. Third Point, run by billionaire investor Daniel Loeb, is targeting EssilorLuxottica amid a power struggle inside the world’s largest lenses and glasses manufacturer, following its formation last year through a 48 billion euro ($53 billion) merger of France’s Essilor and Italy’s Luxottica. Billed as a merger of equals, it degenerated into a battle over control between Luxottica’s founder Leonardo Del Vecchio and Essilor’s chief Hubert Sagnieres. The two sides announced a truce in May, but the company still faces uncertainty as it searches for a CEO that can deliver on the merger’s promised annual savings of 600 m
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