Luxottica announces public offer on RayBan Sun Optics
Luxottica Group SpA, in compliance with directions issued on August 29 by the Securities Appellate Tribunal in India (Sat), has the intention to launch through its subsidiary Ray Ban Indian Holdings Inc. a public offer to acquire an additional 20 percent of the outstanding shares of RayBan Sun Optics India Ltd. RayBan Sun Optics is a company listed on the Indian market.
Luxottica Group had appealed against the decision that required Luxottica Group to make a public offer to the Supreme Court of India. Following the appeal, the Supreme Court mentioned that the public announcement and any further steps related to this offer will be subject to its decision.
Leonardo Del Vecchio, Chairman of Luxottica Group, stated: 'As announced earlier, the maximum expected investment related to this offer, would be approximately Eur 16 million, including stipulated interest increment, which would have no material financial impact on the Group. As a result of the offer, in case of full acceptance, the indirect shareholding in RayBan Sun Optics India Ltd. would increase from approximately 44 percent to 64 percent'.
In the meantime, after the presentation of the third quarter's results, yesterday Luxottica had the best Mib30 performance with an increase of 2.2%. According to the traders, it's the suggestion that the takeover bid for Cole National came from Luxottica which has pushed up the Agordo group's shares.
Analysts at Goldman say that this operation could lead to a 10% improvement in profit per share within the next three years.
However, the official response from Luxottica continues to be 'no comment'.
Luxottica Group had appealed against the decision that required Luxottica Group to make a public offer to the Supreme Court of India. Following the appeal, the Supreme Court mentioned that the public announcement and any further steps related to this offer will be subject to its decision.
Leonardo Del Vecchio, Chairman of Luxottica Group, stated: 'As announced earlier, the maximum expected investment related to this offer, would be approximately Eur 16 million, including stipulated interest increment, which would have no material financial impact on the Group. As a result of the offer, in case of full acceptance, the indirect shareholding in RayBan Sun Optics India Ltd. would increase from approximately 44 percent to 64 percent'.
In the meantime, after the presentation of the third quarter's results, yesterday Luxottica had the best Mib30 performance with an increase of 2.2%. According to the traders, it's the suggestion that the takeover bid for Cole National came from Luxottica which has pushed up the Agordo group's shares.
Analysts at Goldman say that this operation could lead to a 10% improvement in profit per share within the next three years.
However, the official response from Luxottica continues to be 'no comment'.
