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EL - EssilorLuxottica SA News Story

€159.16 5.2  3.4%

Last Trade - 30/07/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £57.36bn
Enterprise Value £60.37bn
Revenue £12.28bn
Position in Universe 18th / 841

BUZZ-Court ruling re-ignites speculation on Grandvision/EssilorLuxottica deal's future

Tue 22nd June, 2021 8:38am
(Updates shares, adds milestones, analyst comment)
    ** Grandvision  GVNV.AS  shares slump 7.3%, ​to their lowest
point in almost 5 months, after a Dutch court ruled
EssilorLuxottica  ESLX.PA  was no longer obliged to go through
with its takeover bid
    ** The Franco-Italian spectacles maker said it was reviewing
its options in relation to the 7.2 billion euro ($8.6 billion)
transaction after the ruling which said Grandvision had breached
obligations of the agreement  urn:newsml:reuters.com:*:nL2N2O32R5
    ** KBC Securities sees this as a surprise and a serious
setback for Grandvision and its majority owner HAL Trust
 HLAN.AS  as it again ignites speculation of EssilorLuxottica
pulling the plug on the deal
    ** However, KBC doesn't expect this and sees
EssilorLuxottica pushing for a terms revision instead,
considering strong industrial rationale and all clearances
already obtained
    ** Bryan Garnier also sees this as a good opportunity to
reopen negotiations, finding the termination "hard to believe"
    ** HAL Trust shares fall 5%, while EssilorLuxottica edges
down 0.8%
    ** Grandvision is heading for its worst day in 14 months,
with roughly 532 million euros wiped off from its market cap   

($1 = 0.8403 euros)

 (Reporting by Diana Mandiá)
 ((diana.mandiaalvarez@thomsonreuters.com))
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