Merger benefits expected for Luxottica

|By:, SA News Editor

Luxottica (NYSE:LUX) ADRs are on watch after the luxury stock was upgraded by Morgan Stanley to Overweight from Equal-weight.

The firm sees significant upside from Luxottica's merger with Essilor (OTC:ESLOF, OTCPK:ESLOY), upping its synergy estimate to €800M.

In Milan trading, Luxottic is up 3.6%, while Essilor is about 2.2% higher in Paris.

Source: Bloomberg

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