The merger would entail Delfin contributing its entire stake in Luxottica (approximately 62%) to Essilor in return for newly-issued Essilor shares to be approved by the Essilor shareholders meeting, on the basis of the Exchange Ratio of 0.461 Essilor shares for 1 Luxottica share. Subsequently, Essilor would make a mandatory public exchange offer to acquire all of the remaining issued and outstanding shares of Luxottica pursuant to the same exchange ratio and with a view to delist Luxottica's shares.