EssilorLuxottica welcomes favorable outcome of the arbitration confirming material breaches by GrandVision
Charenton-le-Pont, France (June 21, 2021 – 10.00 p.m.) – EssilorLuxottica welcomes the favorable award issued today by the arbitral tribunal in the proceedings initiated by HAL and GrandVision. The arbitral tribunal ruled that EssilorLuxottica has the option to terminate the acquisition of GrandVision due to GrandVision’s material breaches of its obligations to EssilorLuxottica.
EssilorLuxottica is reviewing its options in relation to the transaction and in due course will communicate its determination on the way forward.
“Although we regret that GrandVision’s misconduct has led to this current situation, we are pleased that the tribunal accepted our position on the parties’ commitments and the importance of honoring those commitments.” said Francesco Milleri, CEO of EssilorLuxottica.