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EL - EssilorLuxottica SA News Story

€139.88 1.7  1.3%

Last Trade - 14/05/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £52.72bn
Enterprise Value £55.77bn
Revenue £12.43bn
Position in Universe 18th / 850

BREAKINGVIEWS-Ray-Ban mogul’s late financial quest is baffling

Fri 19th June, 2020 9:26am
(The author is a Reuters Breakingviews columnist. The opinions expressed are her own.) By Lisa Jucca MILAN, June 19 (Reuters Breakingviews) - L eonardo Del Vecchio is building his shareholding in Mediobanca. The investment bank’s stake in insurer Generali puts it at the heart of Italian corporate power. The 85-year-old may be motivated by financial gains or prestige. Equally unclear is who inherits his expanded empire. Full view will be published shortly. On Twitter https://twitter.com/LJucca CONTEXT NEWS - Leonardo Del Vecchio, chairman and top shareholder of eyewear group EssilorLuxottica, plans to boost the European presence of Assicurazioni Generali but will not engage in a cross-border merger with rivals Axa or Zurich, Reuters reported on June 3 citing a source close to the billionaire. - Del Vecchio, 85, has filed a request with the European Central Bank to raise his stake in Mediobanca to as much as 20%, from just below 10%. The tycoon does not plan to submit his own slate of board nominees at an upcoming shareholder meeting in October, Reuters reported. - Mediobanca is Generali’s top shareholder with a 13% stake. Del Vecchio is the second-largest investor in the insurance group with nearly 5%. - For previous columns by the author, Reuters customers can click on JUCCA/ - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS http://bit.ly/BVsubscribe <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Del Vecchio seeks bigger Mediobanca stake urn:newsml:reuters.com:*:nL8N2DE15M Del Vecchio not steering for Generali, AXA merger: source urn:newsml:reuters.com:*:nL8N2DG2IO Graphic: Insurance premium https://www.datawrapper.de/_/JUGsU/ BREAKINGVIEWS-Mediobanca chief’s best defence is to run faster urn:newsml:reuters.com:*:nL8N27S2EL BREAKINGVIEWS-UniCredit picks right time to cut Mediobanca cord urn:newsml:reuters.com:*:nL8N27N39A BREAKINGVIEWS-Mediobanca’s new activist has oddly retro ideas urn:newsml:reuters.com:*:nL2N26V1DZ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Peter Thal Larsen and Oliver Taslic) ((lisa.jucca@thomsonreuters.com ; Reuters Messaging: lisa.jucca.thomsonreuters.com@reuters.net))
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