Luxottica Group started off life as a public company in New York but was always Italian at heart, and it is now bidding farewell to the U.S. capital markets in light of its pending mega merger with Essilor.
The company said it would voluntarily delist its American depositary shares from the New York Stock Exchange, which will both save costs and end the company’s obligation to file its results with the Securities and Exchange Commission. Shares of the firm will continue to trade in Milan.
Over the past year, only 3.7 percent of Luxottica’s worldwide trading volume came from the U.S.
Leonardo Del Vecchio, executive chairman of Luxottica, said: “Delisting from the NYSE is part of our efforts to simplify the organization in the Group over the past two years, particularly given the comparatively low level of trading activity that has developed in the U.S. It will assure savings in costs that will benefit all shareholders and it will also be efficient in light of the combination with Essilor. Luxottica was the first Italian company to be listed on the NYSE in 1990 before being listed in Italy. We will always be proud of a courageous choice that has brought to our group great visibility and prestige at an international level.”
He added that the move does not change the company’s strategic vision for the U.S. market.
Luxottica expects to file a Form 25 with the SEC in early June and delist the shares on the New York Stock Exchange 10 days later.
The company’s January deal with Essilor will create a $16 billion eyewear giant called EssilorLuxottica that is seen as resetting the competitive landscape in the sector.
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