EssilorLuxottica can rejoice at the positive outcome of the arbitration, which it says “confirmed violations by GrandVision”. The group now has the option of terminating its takeover of the Dutch chain without having to pay the agreed settlement of 400 million euros – or renegotiate the purchase price.
EssilorLuxottica is reviewing its options regarding the transaction and will communicate its decision on how to proceed in due course, the French-Italian group said. “While we regret that GrandVision’s misconduct has led to this current situation, we are pleased that the court has accepted our position on the parties’ obligations and the importance of respecting those obligations,” commented Francesco Milleri, CEO of EssilorLuxottica.
GrandVision said it was disappointed by yesterday’s court decision and would make further announcements “if necessary”. Shares in the Dutch company fell 8.8 % to 24.9 euros in Amsterdam, the biggest drop since April last year, according to financial circles.
EssilorLuxottica could pull out of its planned purchase of GrandVision – or renegotiate its takeover of the €7.3 billion optics chain, with considerable bargaining power. Sales slumps and business closures due to the pandemic have led to lower demand and falling share prices worldwide, and have already caused a “discount” in other deals of a similar size, analysts said.