Luxottica manages shares through buyback programs
Luxottica (NYSE: LUX), parent of Oakley, said its share buyback program -- in which it could buy as much as 18.5 million shares in the last 18 months -- approved at a 2008 shareholders' meeting has expired, and a new buyback has launched.
Luxottica bought 1.3 million shares on the Milan Stock Exchange's Mercato Telematico Azionario (MTA), while its subsidiary Arnette Optics Illusions sold 1.1 million shares during the same period on the MTA.
The company said it launched a new share buyback program which, like the 2008 program, is intended to provide the company with treasury shares to manage its share capital and to implement its Performance Shares Plan. The 2009 program provides for the buyback of a maximum of 18.5 million shares, representing 3.99 percent of the share capital.
In parallel with the purchases of shares by the company, Arnette Optics Illusions will sell on the MTA the 5.2 million Luxottica shares it still owns. As a result, Luxottica will have direct control of a number of shares equal to those currently indirectly controlled through its subsidiary.
--Compiled by Wendy Geister
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