Merger and Acquisition Strategies
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Merger and Acquisition Strategies

How to Create Value

Angelo Dringoli

The decision to carry out a merger or acquisition is certainly a risky one, not least because of the number of variables influencing the final outcome. It is also a decision frequently based on the wrong objectives and an incorrect evaluation process. With this in mind, this important new book offers solutions for reducing the high percentage of mergers and acquisitions (M & As) that fail. It adopts a normative approach, using theoretical analysis to show what managers could and should do to increase shareholders’ value through successful M & A strategies. It also explores the conditions that are suitable for favouring a certain type of M & A (horizontal, vertical or diversified) over the others. In conclusion, the book presents case studies of successful M & A strategies providing a link between theory and practice.
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Chapter 13: The M & A strategies of Luxottica

Angelo Dringoli


Luxottica is the world leader in the eyewear business, with net sales reaching €7,652 billion in 2014 and 77,734 employees and a strong global presence worldwide. Founded by Leonardo Del Vecchio in 1961, the group is a vertically integrated organization that manufactures prescription glasses and sunglasses with a wide-reaching wholesale distribution network and a direct retail distribution network, mostly in North America, Asia-Pacific and China. Product design, development and manufacturing take place in six production facilities in Italy, representing 43% of global production output, two wholly-owned factories and one 50% owned joint venture in China with approximately another 43% of total production, two sunglasses production facilities in the USA with 10%, and a facility in Brazil with 4%. Luxottica also has a plant in India, serving the local market.

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