Luxottica S.p.A. BOD approves partial de-merger of Luxottica S.r.l
28 Mar '07
2 min read
Luxottica Group S.p.A. announced that the Board of Directors has approved the partial de-merger of Luxottica S.r.l., a wholly-owned subsidiary of Luxottica Group S.p.A., in favor of Luxottica Group S.p.A.
The main assets of Luxottica S.r.l. that, in connection with the de-merger, will be transferred to Luxottica Group S.p.A. are: trademarks, interests in certain companies operating within the Group's Retail Division, and certain liabilities of Luxottica S.r.l.
Given that Luxottica Group S.p.A. owns 100 percent of the share capital of Luxottica S.r.l., no shares of Luxottica Group S.p.A. will be granted in exchange for said assets and the de-merger will be approved by the Board of Directors of the two companies.
The de-merger is part of a broader project of reorganization of the activities of Luxottica S.r.l. aimed at streamlining the business of this company (the design and manufacturing of eyewear). Within this project, Luxottica S.r.l. will also transfer certain assets to another wholly-owned subsidiary of Luxottica S.r.l.: I.C. Optics S.r.l.
The assets to be transferred to this company are those of the business unit that engages in the marketing and distribution of eyewear in the Italian market. This business unit is currently managed by Luxottica S.r.l.
Luxottica Group S.p.A. will update the market regarding the above-mentioned reorganization project in compliance with Article 71-bis of the Consob's Regulation No. 11971/1999.
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