TOKYO (Reuters) -French-Italian eyewear maker EssilorLuxottica has secured permission to raise its stake in Japan’s Nikon to as much as 20% under Japan’s Foreign Exchange and Foreign Trade Act, Nikon said on Monday.
The maker of Ray-Ban sunglasses has also raised its holding in Nikon to 10.8% from 9.6% to become the largest shareholder, Nikon said in a release.
Nikon makes cameras, lenses and lithography equipment used in chipmaking. The company classifies itself as “core” to national security in a Japanese finance ministry list.
EssilorLuxottica’s chief executive said earlier this year that he was considering acquisitions. The company declined to comment.
EssilorLuxottica first established a Tokyo-based lens wholesale joint venture with Nikon in 2000.
It has been increasing its holding in Nikon since last year, sparking a rally in Nikon’s shares, which closed up 5% on Monday.
It has also been working with Meta to develop smart glasses as companies look for hardware with growth prospects beyond the smartphone.
Foreign firms have shown growing interest in Japanese companies with sought-after technology.
Last month Taiwanese firm Yageo received approval to acquire Shibaura Electronics, a major thermistor sensors maker, after a seven-month national security review.
(Reporting by Anton Bridge, Makiko Yamazaki and Elisa Anzolin; Editing by Kim Coghill, Louise Heavens and Kate Mayberry)
