PARIS, June 29 (Reuters) - Ray-Ban maker EssilorLuxottica
on Tuesday said it had decided to go ahead as planned
with a takeover of Dutch eyewear store operator Grandvision
and to close the deal on July 1.
EssilorLuxottica, the French-Italian eyewear group,
announced the bid for GrandVision in July 2019, aiming to
control the Dutch company's more than 7,000 outlets across the
But the planned deal has since been caught up in a legal
battle between the two sides, with EssilorLuxottica arguing that
decisions made by GrandVision during the COVID-19 pandemic could
give grounds for ending its proposed takeover.
Earlier this month, a Dutch arbitration court ruled that
GrandVision had breached obligations of the takeover agreement,
which meant that EssilorLuxottica was no longer bound to the
"After assessing all our options, we have made the decision
to proceed with the completion of the deal without further
delay," EssilorLuxottica said in a statement.
"The strategic rationale of the transaction remains strong
and unchanged, and after two years of efforts and relentless
work, we are now ready to turn a page and start a new chapter of
EssilorLuxotticas history, with GrandVision."
EssilorLuxottica had said after the Dutch arbitration court
ruling that it was reviewing its options, including walking away
from the bid.
GrandVision, majority-owned by Dutch investment firm Hal
Trust, said it was taking note of EssilorLuxottica's
decision to close the deal with HAL on July 1.
(Reporting by Dominique Vidalon. Editing by Jane Merriman)