March 20, 2019 / 6:06 PM / in a month

EssilorLuxottica's shareholder says merger accord violated by Essilor execs

PARIS, March 20 (Reuters) - The top shareholder in EssilorLuxottica accused executives from Essilor of violating the merger agreement that created the world’s largest eye-wear maker and threatened to respond.

Leonardo Del Vecchio, the founder of Luxottica who is now the largest shareholder and the executive chairman of the combined group, had appeared to indicate in November that he wanted his right-hand man Francesco Milleri to get the CEO job - a prospect that has irked the French side.

Del Vecchio’s holding firm Delfin said in a statement on Wednesday that some Essilor representatives’ conduct had violated the group’s 2017 merger agreement and governance rules.

“Delfin reserves to take such actions as it will deem necessary or appropriate to protect its interest along with the interest of EssilorLuxottica and its stakeholders,” it said. (Reporting by Leigh Thomas, Editing by Inti Landauro)

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