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.