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EssilorLuxottica's largest shareholder says Essilor breached merger terms

EssilorLuxottica SA's top shareholder, Delfin SARL, owned and controlled by Luxottica Group SpA founder Leonardo Del Vecchio, has accused executives from Essilor International of violating their merger agreement, Reuters reported March 20, citing a statement from Del Vecchio's holding firm.

Delfin reportedly said some Essilor representatives' conduct had breached the group's 2017 merger agreement and governance rules. It also said it "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," according to Reuters.

It was earlier reported that Essilor is against the appointment of Luxottica CEO Francesco Milleri as CEO of the merged entity, EssilorLuxottica SA. It was also previously reported that Del Vecchio, who is the largest shareholder and executive chairman of the merged Italian-French company, planned to propose Milleri's appointment, which reportedly irked Essilor.

Essilor and Luxottica completed their €48 billion merger in October 2018, forming one of the largest players in the eyewear industry.