TOKYO (Reuters) -French-Italian eyewear maker EssilorLuxottica raised its holding in Japan’s Nikon to 10.8% from 9.6% to become its largest shareholder, Nikon said on Monday.
The maker of Ray-Ban sunglasses has also received permission to raise its stake in Nikon to 20% from the relevant authorities under Japan’s Foreign Exchange and Foreign Trade Act, the release said.
Nikon’s share price rose 5% on Monday on news EssilorLuxottica had raised its stake.
The two companies first established a Tokyo-based lens wholesale joint venture in 2000. EssilorLuxottica has been steadily increasing its holding over the past year, sparking a rally in Nikon’s share price.
(Reporting by Anton Bridge; Editing by Kim Coghill and Louise Heavens)
