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EL - EssilorLuxottica SA News Story

€139.26 0.2  0.2%

Last Trade - 4:35pm

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £52.54bn
Enterprise Value £55.59bn
Revenue £12.46bn
Position in Universe 18th / 848

UPDATE 1-EssiLux loses court appeal against takeover target GrandVision

Tue 6th April, 2021 6:13pm
(Adds case details and background)
    AMSTERDAM, April 6 (Reuters) - Spectacles maker
EssilorLuxottica  ESLX.PA  on Tuesday lost an appeal in its
court battle with takeover target GrandVision  GVNV.AS ,
removing a possible hurdle for the 7.2 billion euro ($8.5
billion) deal.
    EssilorLuxottica in August last year lost a Dutch court case
in which it had said 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 takeover.
 urn:newsml:reuters.com:*:nL8N2FC461
    The Rotterdam district court at the time said EssiLux had
failed to prove its claim that the Dutch operator of eyewear
stores had breached the takeover agreement by not asking
permission for the actions it took as lockdowns to combat
COVID-19 spread throughout Europe.
    GrandVision and its owner HAL Trust  HLAN.AS  accused
EssiLux of seeking opportunities to end the deal or bargain for
a lower price.
    But the French-Italian company maintained throughout the
case that it was determined to complete the acquisition.
    It is, however, still seeking more access to documents on
GrandVision's pandemic policies in a pending arbitration case.
    EssiLux's bid to control the Dutch eyewear group's more than
7,000 outlets across the world was one of the largest takeover
deals announced globally in 2019.  urn:newsml:reuters.com:*:nL8N2EP0A9
    EU antitrust regulators last month agreed to the takeover
under the condition that more than 300 GrandVision-operated
stores in three countries will be sold to address competition
concerns.  urn:newsml:reuters.com:*:nL1N2LL1OL

 (Reporting by Bart Meijer; editing by David Evans and Grant
McCool)
 ((Bart.Meijer@thomsonreuters.com; +31 20 504 5006; Reuters
Messaging: bart.meijer@thomsonreuters.com))
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