Hedge fund targets stake in EssilorLuxottica

American hedge fund Third Point has sought to acquire a stake in EssilorLuxottica, Reuters has reported.

The New-York based company, run by founder and billionaire investor Daniel Loeb, handles about $17bn in assets and has
instigated changes to businesses it has acquired shares in.
Reuters reported that Luxottica founder Leonardo Del Vecchio had met with Third Point already and that the hedge fund was still looking to acquire shares in the European eyewear giant.

Third Point has a history of insisting on operational changes at companies where it owns stock. In 2019, it asked Sony to drop its Sony Financial unit to focus on its entertainment portfolio and called on United Technologies to cancel a planned aerospace merger.