Italy's Luxottica, the world's No. 1 eyewear maker, confirmed on Thursday it agreed to purchase Brazilian eyewear maker Tecnol for around 110 million euros to increase its foothold in one of the world's fastest-growing luxury markets.Following earlier media reports, the maker of Ray-Ban and Oakley sunglasses said on Thursday that the deal would allow it to produce locally, thus cutting the heavy import duties that weigh on many foreign luxury makers coming to Brazil."Brazil is one of the countries where Luxottica aims at being as 'domestic' as it is in Italy," Chief Executive Andrea Guerra said in a statement.Under the deal, which is due to be finalised by early 2012, Luxottica will initially buy 80 percent of the Brazilian company, and the remainder over the next four years.
Itau Unibanco Holding S.A. is a bank in Brazil. The Company has four operational segments: Commercial Banking, Itau BBA, Consumer Credit and Corporate and Treasury.Ita (NYSE: ITUB): traded higher by 3.52% or $0.63/share to $18.42. In the past year, the shares have traded as low as $14.47 and as high as $24.77. On average, 17543900 shares of ITUB exchange hands on a given day and today's volume is recorded at 12030261.
