>> Two of of the world's leading eye wear companies confirmed their merging Monday, despite being best known as rivals. The move is expected to create a global powerhouse in the market. Italy's Luxottica, who made the Ray-Ban sunglasses brand and France's Essilor will join together in the merger. Estimated to be with some €46 billion years, the deal will entail Delphin, the holding company of Luxottica's founder Leonardo Del Velchio contributing shares in Luxottica to essilor based on an exchange rate of north .0461 essilor shares for one Luxottica share.
The companies say the new entity will have a combined revenue of more than €15 billion and that major cost savings will result from the transaction. Luxottica's said the merger will bring benefits to the markets, company, employees and consumers of the brand.