01:39 PM EDT, 07/18/2024 (MT Newswires) -- (Updates with Meta Platforms' ( META ) response in the fourth paragraph and recent stock move in the fifth paragraph.)

Meta Platforms ( META ) has looked into making a multibillion-euro investment in EssilorLuxottica, the maker of Ray-Ban sunglasses, as part of its efforts to develop smart glasses, Financial Times reported Thursday, citing sources familiar with the matter.

Meta has been seeking to deepen its collaboration with EssilorLuxottica following the launch last year of a revamped "Ray Ban-Meta" smart glasses, but there's no assurance that any investment will occur, the report said.

Meta and Morgan Stanley have been working on the matter, according to the report.

Morgan Stanley and Meta declined MT Newswires' requests for comment, while EssilorLuxottica didn't immediately respond to a request for comment.

Shares of Meta were up 2.7% in recent Thursday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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