EssilorLuxottica vs. GrandVision: only arbitration still open
With the approval of the Turkish authority, the last one has now been granted for the completion of the mega deal between EssilorLuxottica and GrandVision. The outcome of the acquisition is now subject only to the decision of ongoing arbitration proceedings between the groups.
EssilorLuxottica (Charenton-le-Pont, France) confirmed last week that the Turkish Competition Authority (TCA) had approved its proposed acquisition of GrandVision (Schiphol, Netherlands) on June 10. The approval was granted after the group entered into certain behavioural commitments regarding the conduct of its business in Turkey.
In March 2021, the European Commission had conditionally approved the acquisition of GrandVision by EssilorLuxottica after a lengthy and in-depth review.
EssilorLuxottica vs. GrandVision
Back in early April, the Amsterdam Court of Appeals had upheld the first-instance decision in preliminary injunction proceedings, rejecting EssilorLuxottica’s request for documents from GrandVision to clarify whether the Dutch optical chain had fulfilled its obligation to conduct business in an orderly and customary manner after the pandemic began.
Based on an agreed limited disclosure, the French-Italian group did not have a sufficient legitimate interest in the requested inspection or production of documents by GrandVision, according to the court.
The arbitration proceedings initiated by GrandVision against EssilorLuxottica concern, among other things, confirmation for the Dutch optical chain that there was no material breach of the support agreement concluded in connection with the transaction. This and the arbitration proceedings initiated by HAL against EssilorLuxottica in connection with the transaction were ongoing. A decision is expected in the second half of June.