EssilorLuxottica SA logo

EL - EssilorLuxottica SA News Story

€136.86 -3.0  -2.2%

Last Trade - 9:05am

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £52.57bn
Enterprise Value £55.61bn
Revenue £12.39bn
Position in Universe 18th / 849

UPDATE 1-EssilorLuxottica to appeal court verdict over GrandVision

Fri 4th September, 2020 6:40am
(Adds comments by EssilorLuxottica, background)
    PARIS, Sept 4 (Reuters) - Spectacles maker EssilorLuxottica
 ESLX.PA  said it would appeal against a Dutch court's verdict
that had rejected its contention that takeover target
GrandVision  GVNV.AS  had breached a deal agreement.
    Last month, the Rotterdam district court said
EssilorLuxottica had failed to prove its claim that Dutch peer
GrandVision had breached the agreement by not seeking permission
for actions it took as lockdowns to combat COVID-19 extended
throughout Europe.  urn:newsml:reuters.com:*:nL8N2FQ4DY
    "EssilorLuxottica confirms that it has decided to file an
appeal against the judgment dismissing the company’s demands for
disclosure of information from GrandVision," it said on Friday.
    "EssilorLuxottica is concerned about GrandVision’s behavior
in continuing to deny access to important information related to
their handling of the COVID-19 outbreak. Legal proceedings,
including the appeal, do not affect the review of the proposed
transaction by the competition authorities in the remaining
jurisdictions," added the company in a statement.
    EssilorLuxottica, whose brands include Ray-Ban and Oakley,
had argued to the court 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 euros
 ($8.5 billion) takeover of the Dutch company.  urn:newsml:reuters.com:*:nL8N2EP0A9
    ($1 = 0.8440 euros)

 (Reporting by Sudip Kar-Gupta; Editing by Clarence Fernandez)
 ((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))
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