Eyewear giant to emerge from tie-up of Luxottica, Essilor

A new European eyewear giant worth more than 50 billion euros ($52.5 billion) is set to emerge as Italy's Luxottica — owner of Ray-Ban and Oakley glasses — merges with French lens manufacturer Essilor.

Essilor International SA said Monday it had reached a share exchange deal with Luxottica's main shareholder, Delfin, to create a combined company making both frames and lenses.

Shares jumped in both Luxottica, which is based in Milan, and Essilor, headquartered near Paris.