Italian eyewear group Luxottica has launched a bid for Australia's largest optical retailer, the OPSM Group.
The bid, which the OPSM board has recommended to its shareholders, is for A$550m (E309m), and will secure for the optical fashion brand owner around 760 outlets in Australasia and the Far East.
Luxottica chairman Leonardo Del Vecchio said: 'The acquisition of OPSM represents a further step in our strategy to expand our retail business in Australia and New Zealand, and allows us to become the leading player in the Australian prescription segment.'
Last year Specsavers Opticians ruled out a bid for OPSM.
Luxottica results Ð page 6