EssilorLuxottica SA logo

EL - EssilorLuxottica SA News Story

€152.94 -1.0  -0.6%

Last Trade - 27/07/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £57.51bn
Enterprise Value £60.54bn
Revenue £12.32bn
Position in Universe 18th / 843

EssiLux weighs ending $8.6 bln Grandvision takeover after court rules

Mon 21st June, 2021 10:14pm
AMSTERDAM, June 21 (Reuters) - Spectacles maker
EssilorLuxottica  ESLX.PA  on Monday said it was considering
canceling its proposed 7.2 billion-euro ($8.6 billion) takeover
of Dutch eyewear store operator Grandvision  GVNV.AS , after a
Dutch court said EssilorLuxottica was no longer obliged to go
through with the deal.
    An arbitration court in the Netherlands on Monday ruled that
Grandvision had breached obligations of the takeover agreement,
which meant that EssiLux was no longer bound to the pact.  
    EssilorLuxottica, French-Italian maker of Ray-Ban
sunglasses, in a statement said it welcomed the decision.
    "EssilorLuxottica is reviewing its options in relation to
the transaction and in due course will communicate its
determination on the way forward."
    The ruling followed two earlier losses for EssiLux in a
Dutch court case in which it had said that decisions made by
Grandvision during the COVID-19 pandemic could give grounds for
ending its proposed takeover.  urn:newsml:reuters.com:*:nL8N2FC461
    It said its takeover target had breached agreements by
suspending payments to store owners and suppliers and by
applying for state aid, without seeking EssiLux's approval.
    Grandvision at the time accused its buyer of simply looking
for a way out of the deal, and on Monday said it was
disappointed by the arbitration court's ruling.
    If the deal does not go ahead it would bring an end to
Essilux's ambition to control the Dutch eyewear group's more
than 7,000 outlets worldwide.
     
($1 = 0.8391 euros)

 (Reporting by Bart Meijer; Editing by Cynthia Osterman)
 ((Bart.Meijer@thomsonreuters.com; +31 20 504 5006; Reuters
Messaging: bart.meijer@thomsonreuters.com))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.