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EssilorLuxottica to go ahead with Grandvision deal

06/29/2021 | 01:48pm EST
FILE PHOTO: Sunglasses from Ray-Ban are on display at a optician shop in Hanau near Frankfurt

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 world.

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 pact.

"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 EssilorLuxottica’s 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)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ESSILORLUXOTTICA -0.30% 177 Real-time Quote.38.77%
GRANDVISION N.V. 0.71% 28.55 Real-time Quote.11.96%
HAL TRUST -1.26% 140.6 Real-time Quote.23.63%
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Analyst Recommendations on ESSILORLUXOTTICA
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Sales 2021 19 612 M 22 187 M 22 187 M
Net income 2021 1 913 M 2 164 M 2 164 M
Net Debt 2021 9 404 M 10 639 M 10 639 M
P/E ratio 2021 40,0x
Yield 2021 1,36%
Capitalization 78 058 M 88 112 M 88 307 M
EV / Sales 2021 4,46x
EV / Sales 2022 3,81x
Nbr of Employees 144 888
Free-Float 63,8%
Duration : Period :
EssilorLuxottica Technical Analysis Chart | EL | FR0000121667 | MarketScreener
Technical analysis trends ESSILORLUXOTTICA
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 177,00 €
Average target price 185,92 €
Spread / Average Target 5,04%
EPS Revisions
Managers and Directors
Francesco Milleri Chief Executive Officer & Non-Independent Director
Stefano Grassi Co-Chief Financial Officer
David Wielemans Co-Chief Financial Officer
Leonardo del Vecchio Executive Chairman
Jean Carrier-Guillomet Co-Chief Operating Officer
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