Israel approves Luxottica=?UTF-8?B?wrQ=?=s acquisition of Erroca

A new Post "Israel approves Luxottica´s acquisition of Erroca" was written on the January 6, 2012 at 8:02 pm on "Textile Global - Textile and Fashion News".

The Italian eyewear company will be the first foreign company entering
the Israeli accessories market after the national Antitrust Authority
approved the acquisition of Erroca. Sources informed the Israeli
business journal Globes that the Antitrust

Authority has just approved the acquisition of optician chain Erroca
by Italian-based global chain Luxottica SpA (BIT; NYSE: LUX) for €20
million. Its takeover by Luxottica is the first time that a foreign
chain is entering the Israeli market. It will replace the Erroca brand
with its own Sunglass Hut label.

Despite Israeli optician chains, including Optics Halperin Ltd.,
Opticana Ltd., and Super-Pharm Optics all oppose the deal, the
Antitrust Authority approved the sale on January the 5th, after Erroca
proposed amendments in the deal in response to wall-to-wall objections
by the opticians sector. Luxottica now has to approve the amendments.
Erroca owner Michael Wolf will meet Luxottica executives in Italy next
week.

Erroca, founded in 1987, is Israel´s leading company specializing
exclusively in sunglasess with 63 branches nationwide and 400
employees across the country.

"This acquisition is strategically important to Luxottica, as it
allows us to establish a meaningful retail presence in Israel, a very
dynamic and fast-growing market," said Luxottica EVP for Sun and
Luxury Retail, Fabio d'Angelantonio, in the announcement., made in
August, 2011. "Israel represents a very important market for
Luxottica," added Paolo Alberti, Luxottica's executive vice president
of wholesale.

International expansion is proving to pay off for Luxottica, as its
shares currently have the 10th highest dividend yield in this segment
of the market. Its current dividend yield is 2.23%. Its dividend
payout ratio was 37.96% for the last 12 months.

 

In the last months, Luxottica has nailed important agreements with
well established fashion labels, and expanded into Latin America
thanks to a coveted deal to acquire the Brazilian Tecnol for EUR110
million.

Read the original:
Israel approves Luxottica´s acquisition of Erroca

http://www.textileglobal.com/2012/01/israel-approves-luxottica%c2%b4s-acquisition-of-erroca.html

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