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Luxottica Group Sells Its Minority Interest in Pearle Europe To HAL Investments
05 Jan 2005 - 06:22 PM
Milan, Italy – January 5, 2005 - Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX) announced that its subsidiary, Cole National Corporation, today sold all its shares in Pearle Europe B.V. representing approximately 21 percent of that company’s outstanding shares, to HAL Investments B.V., a subsidiary of HAL Holding N.V. (AEX: HTTCU), for a cash purchase price of €144 million (or approximately US$191 million calculated for convenience at the January 4, 2005 noon buying rate). HAL Investments holds the balance of Pearle Europe's outstanding shares (except for approximately one percent held by management).
Luxottica Group gained control of the Pearle Europe shares in October 2004, as a result of its acquisition of the Cole National business. The sale, Luxottica Group noted, was required by the Articles of Association of Pearle Europe in light of the acquisition. Luxottica Group also noted that holding an interest today in an optical retail chain in the still highly fragmented European market is not strategic for the Group.