GrandVision initiates arbitration proceedings against EssilorLuxottica
30 Juillet 2020 - 8:30AM
GrandVision initiates arbitration proceedings against
EssilorLuxottica
Schiphol, The Netherlands – 30 July 2020.
GrandVision NV (Euronext: GVNV) today initiated arbitration
proceedings against EssilorLuxottica SA (Euronext: EL) in
connection with the material breach notice EssilorLuxottica has
sent to GrandVision.
As previously announced, GrandVision strongly disagrees with
EssilorLuxottica's claims. Therefore, GrandVision has initiated
these arbitration proceedings to obtain confirmation that
GrandVision is not in material breach of the Support Agreement
concluded in connection with the envisaged sale by HAL Optical
Investments B.V. of its 76.72% ownership interest in GrandVision to
EssilorLuxottica (the "Transaction"). GrandVision also wants to
ensure that EssilorLuxottica complies with its obligations under
the Support Agreement, in particular regarding merger clearance
processes.
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 2019.
Further announcements will be made if and when required.
This is a public announcement by GrandVision N.V. pursuant to
section 17 paragraph 1 of the European Market Abuse Regulation
(596/2014).
- GrandVision Arbitration Press Release