Therefore, GrandVision has initiated these arbitration proceedings to obtain confirmation that GrandVision is not in material breach of the Support Agreement concluded in connection with the envisaged sale by HAL Optical Investments B.V. of its 76.72% ownership interest in GrandVision to EssilorLuxottica (the "Transaction"). Eyewear giant EssilorLuxottica SA is already plotting its next move after making an $8 billion deal for Dutch retailer GrandVision NV and defusing an internal power struggle. Click here for all documents related to the Transaction. GrandVision NV (Euronext: GVNV) has been informed by EssilorLuxottica SA (Euronext: EL) that it has initiated summary proceedings before the District Court in Rotterdam, demanding that GrandVision provides to EssilorLuxottica additional information in relation to GrandVision's actions to mitigate the impact of COVID-19 on its business. GrandVision publishes COVID-19 Trading Update Schiphol - 15 June 2020. News EssilorLuxottica Transaction Annual Reports. Click here for the full press release GrandVision supports EssilorLuxottica in acquiring HAL's stake in GrandVision. Results Presentations and Webcasts Financial Calendar. GrandVision has also received notice from EssilorLuxottica claiming that GrandVision, in relation to the aforementioned COVID-19 actions, is in material breach … GrandVision strongly disagrees with EssilorLuxottica's demands and has full confidence that these claims will be rejected in court.GrandVision continues to support EssilorLuxottica with the shared objective to obtain regulatory approval for the closure of the Transaction within 12 to 24 months from the announcement date of 31 July 2019.Further announcements will be made if and when required.GrandVision has also received notice from EssilorLuxottica claiming that GrandVision, in relation to the aforementioned COVID-19 actions, is in material breach of its obligations under the Support Agreement concluded in connection with the envisaged sale by HAL Optical Investments B.V. of its 76.72% ownership interest in GrandVision to EssilorLuxottica. As the operational situation has developed considerably since its first quarter 2020 press release of 5 May 2020, GrandVision N.V. (EURONEXT: GVNV) publishes an update on the impact of COVID-19 on its business.
GrandVision initiates arbitration proceedings against EssilorLuxottica Schiphol, The Netherlands – 30 July 2020.GrandVision NV (Euronext: GVNV) today initiated arbitration proceedings against EssilorLuxottica SA (Euronext: EL) in connection with the material breach notice EssilorLuxottica has sent to GrandVision.
GrandVision strongly disagrees with these claims and has responded accordingly. GrandVision also wants to ensure that EssilorLuxottica complies with its obligations under the Support Agreement, in particular regarding merger clearance processes.Further announcements will be made if and when required. Therefore, GrandVision has initiated these arbitration proceedings to obtain confirmation that GrandVision is not in material breach of the Support Agreement concluded in connection with the envisaged sale by HAL Optical Investments B.V. of its 76.72% ownership interest in GrandVision to EssilorLuxottica (the "Transaction"). GrandVision continues to support EssilorLuxottica with the shared objective to obtain regulatory approval for the closure of the Transaction within 12 to 24 months from the announcement date of 31 July 2019.As previously announced, GrandVision strongly disagrees with EssilorLuxottica's claims. As previously announced, GrandVision strongly disagrees with EssilorLuxottica's claims.