MILAN—Following its announcement in mid April that it planned to enter the packaging and eyeglass case sector via the proposed acquisition of Fedon & Flgli S.p.A., EssilorLuxottica said yesterday that Luxottica Group S.p.A. had completed the purchase of 90.9 percent of the major shareholders' stake in the company. Following that, per legal conditions of the deal, the company now will launch a mandatory tender offer for the remaining shares of Fedon & Figli, traded on the Euronext exchange.

VMAIL previously reported on the news of the deal on April 11 of this year. The deal was made with the significant shareholders of Fedon & Flgli, including Piergiorgio Fedon, Sylt S.r.l., Italo Fedon, Laura Corte Metto, Francesca Fedon, Roberto Fedon, Flora Fedon and Rossella Fedon as well as other non-significant shareholders. The completion of the purchase of 90.9 percent represented 1,727,141 ordinary shares of the company, at a price of €17.03 per share, an aggregate of approximately €29.4 million.

The mandatory public tender offer will be promoted by Luxottica Group S.p.A. on 151,721 ordinary shares of Giorgio Fedon & Figli S.p.A. namely on all the outstanding ordinary shares as of today of the Issuer. The offer will be promoted exclusively in Italy, will be subject to the disclosure obligations and procedural requirements provided for by Italian law and will be addressed, on equal terms, to all holders of shares in Giorgio Fedon & Figli S.p.A.

"The transaction represents a step forward in EssilorLuxottica's vertical integration strategy, aimed at achieving the highest quality standards along the entire value chain and optimizing the service for the benefit of all industry players,” EssilorLuxottica stated in its April announcement. “Thanks to cutting-edge technologies and dedicated innovations, the acquisition will allow us to better fit the eyewear and spectacles with the cases and packaging to ensure maximum protection and integrity of the product, for the benefit of the final consumer,” the company said.