EssilorLuxottica SA logo

EL - EssilorLuxottica SA News Story

€139.88 1.7  1.3%

Last Trade - 14/05/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £52.72bn
Enterprise Value £55.77bn
Revenue £12.43bn
Position in Universe 18th / 850

UPDATE 1-EssiLux loses Dutch court case against takeover target GrandVision

Mon 24th August, 2020 5:55pm
(Adds more detail)
    AMSTERDAM, Aug 24 (Reuters) - EssilorLuxottica  ESLX.PA  on
Monday lost a Dutch court case in which the eyewear maker was
seeking to obtain more information from acquisition target
GrandVision  GVNV.AS  about its management of the coronavirus
crisis.
    The French-Italian maker of Ray-Ban had told a court hearing
earlier this month 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
($8.5 billion) takeover.  urn:newsml:reuters.com:*:nL8N2FC461
    The Rotterdam district court said EssiLux had failed to
prove its claim that the Dutch company had breached the takeover
agreement by not asking permission for the actions it took as
lockdowns to combat COVID-19 spread throughout Europe.
    The court said: "The disclosure of large volumes of
corporate information that EssilorLuxottica demands without
specific grounds can be characterised as a fishing expedition."
    At the hearing, GrandVision said it had always informed
EssiLux about its actions.
    After the hearing on Monday, GrandVision said: "GrandVision
continues to support EssilorLuxottica with the shared objective
to obtain regulatory approval for the closure of the transaction
within 12 to 24 months from the announcement date of 31 July."
    EssiLux did not immediately respond to a request for
comment.
​    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 last year.  urn:newsml:reuters.com:*:nL8N2EP0A9
    The deal still needs to approval from European Union
antitrust authorities, who extended their investigation for the
third time last month, until Aug 27.  urn:newsml:reuters.com:*:nL5N2EO4R3  
    

 (Reporting by Bart Meijer; Editing by Susan Fenton and Jane
Merriman)
 ((Bart.Meijer@thomsonreuters.com; +31 20 504 5006; Reuters
Messaging: bart.meijer@thomsonreuters.com))
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