Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
PARIS, May 12 (Reuters) - Eyewear group EssilorLuxottica's feuding French and Italian partners are close to signing a peace deal to end a boardroom dispute over the group's leadership that threatened to pull it apart, France's Les Echos business daily reported on Sunday.
Citing two unnamed sources familiar with the matter, Les Echos said the agreement could be signed later on Sunday evening.
A spokeswoman for EssilorLuxottica declined to comment.
EssilorLuxottica resulted from the 54 billion euro merger last October of French lenses maker Essilor and Italian frame manufacturer Luxottica, which were supposed to have equal weighting in the combined company's leadership but which accuse each other of trying to dominate.
Tensions became apparent in November when Luxottica's founder, Leonardo Del Vecchio, who is chairman of the merged entity, appeared to tap his right-hand man and chief executive of Luxottica, Francesco Milleri, for the group CEO role, irking the French side.
Les Echos said the plan would temporarily hand more power to Milleri and Laurent Vacherot, Essilor's chief executive, to accelerate the fusion of the group, with the aim of naming a new group chief executive in 2020.
A spokesman for Del Vecchio was not immediately available for comment.
Under the terms of the agreement, each side will cease pursuing judicial means to resolve the row, which had only intensified the dispute, Les Echos said.
In March, Del Vecchio, now the group's largest shareholder, filed an arbitration request with the Paris-based International Chamber of Commerce, a process that takes an average of two years. In response, Essilor asked a Paris court to nominate an outside mediator.
EssilorLuxottica's board has been under pressure to find a solution as investors expressed concern the leadership crisis could delay or scupper promised savings linked to the deal. (Reporting by Richard Lough and Matthias Blamont in Paris and Claudia Cristoferi in Milan; Editing by Peter Cooney)