Update on arbitration proceedings between EssilorLuxottica and GrandVision
21 Giugno 2021 - 10:00PM
Update on arbitration proceedings between EssilorLuxottica and
GrandVision
Update on arbitration proceedings between EssilorLuxottica
and GrandVision
Schiphol, The Netherlands, 21 June 2021. Today,
the arbitral tribunal in the proceedings GrandVision (Euronext:
GVNV) and HAL initiated against EssilorLuxottica (Euronext: EL) on
30 July 2020 has declared by majority that GrandVision has breached
its obligations under the Support Agreement it had entered into in
connection with the sale of HAL’s 76.72% interest in GrandVision to
EssilorLuxottica (the “Transaction”).
GrandVision is disappointed by the decision of the arbitral
tribunal. Throughout the process, GrandVision has fully supported
the Transaction. All antitrust clearances that are required for
closing of the Transaction have been obtained.
The arbitral tribunal held in today’s decision that
EssilorLuxottica is not obliged to consummate the Transaction and
is entitled to terminate the Transaction if it so decides.
Further announcements will be made if and when required.
- GrandVision Press Release