MILAN, Sept 1 Italian luxury eyewear maker
Luxottica looked at a possible deal with French rival
Essilor but decided not to pursue it and is no longer
considering it, Luxottica's new co-chief executive said on
"A deal with Essilor was explored, about a year and a half
ago, but it was concluded that there were not the right
conditions to go ahead," Enrico Cavatorta told an analyst call.
"It was an opportunity that was analysed, it's a year-and-a
-half old, it is not on the table today," he added.
He said there were a number of reasons, including a
shareholding governance issue, why it did not go ahead.
Cavatorta took over as new co-CEO of the world's largest
eyewear maker by revenue on Monday, as long-standing CEO Andrea
Guerra stepped down after falling out with Luxottica's key
shareholder and Chairman Leonardo Del Vecchio.
A possible deal with Essilor has been reported to be one of
the issues over which Del Vecchio and Guerra had disagreed as it
would have strongly diluted Del Vecchio's stake.
But Cavatorta said Guerra, Del Vecchio, and the board had
all agreed not to go ahead.
(Reporting by Valentina Za, editing by Stephen Jewkes)