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EL - EssilorLuxottica SA News Story

€137.96 0.1  0.0%

Last Trade - 4:37pm

Consumer Cyclicals
Large Cap
Market Cap £51.83bn
Enterprise Value £54.87bn
Revenue £12.39bn
Position in Universe 18th / 849

UPDATE 1-EssilorLuxottica may appeal court verdict over GrandVision

Tue 25th August, 2020 6:31am
* Legal dispute could jeopardise planned takeover deal
    * Dutch court ruled against EssilorLuxottica
    * EssilorLuxottica: may appeal against verdict

 (Adds detail and background)
    PARIS, Aug 25 (Reuters) - Spectacles maker EssilorLuxottica
 ESLX.PA  said on Tuesday that it may appeal against an earlier
court verdict regarding its planned takeover target GrandVision
 GVNV.AS , after it lost a Dutch court case which could
jeopardise the deal.
    On Monday, the Rotterdam district court said
EssilorLuxottica had failed to prove its claim that Dutch
company GrandVision had breached a takeover agreement by not
asking permission for actions it took as lockdowns to combat 
COVID-19 extended throughout Europe.*:nL8N2FQ4DY
    "EssilorLuxottica is studying the judgment and assessing its
options, including the possibility of filing an appeal against
the judgment," EssilorLuxottica said in a statement.
    "The company remains concerned about GrandVision’s behavior
in continuing to deny access to important information related to
their handling of the COVID-19 outbreak," added
    EssilorLuxottica, whose brands include Ray-Ban and Oakley,
had told the court hearing that GrandVision's decisions to
suspend payments to store owners and suppliers and to apply for
state aid could give grounds for ending its proposed 7.2 billion
euro ($8.50 billion) takeover of the company.
    However, the court said EssilorLuxottica had failed to prove
this claim, while GrandVision said it had always informed
EssilorLuxottica about its actions.
    ($1 = 0.8470 euros)

 (Reporting by Sudip Kar-Gupta; Editing by Kim Coghill)
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