EssilorLuxottica acknowledges arbitration from HAL and GrandVision and carries on with legal proceedings against them
Charenton-le-Pont, France (July 30, 2020 – 6pm) – EssilorLuxottica has been informed by HAL and GrandVision of their intent to start arbitration proceedings against the Company.
EssilorLuxottica regards these arbitration proceedings as a surprising and obvious attempt by HAL and GrandVision to detract from GrandVision’s breaches under the Support Agreement and its failure to provide EssilorLuxottica with required information.
EssilorLuxottica is acting in full compliance with the Block Trade Agreement and the Support Agreement and any suggestion to the contrary is baseless.
The Company carries on with the summary legal proceedings it initiated in the Netherlands, to obtain information from HAL and GrandVision. A court hearing is scheduled on August 10, 2020.
To date, EssilorLuxottica is yet to receive the information it requested from GrandVision and HAL.
GrandVision and HAL’s reluctance to provide such information has increased the Company’s concerns about their motives and the extent to which GrandVision has breached its obligations.