EssilorLuxottica is considering suing its takeover target GrandVision after a court ruled that the Dutch eyewear retailer had violated the terms of their 7.2 billion euro ($8.6 billion) proposed acquisition agreement.
EssilorLuxottica is targeting a recovery in its business this year to levels seen before the COVID-19 crisis after the Oakley and Ray-Ban maker's fourth-quarter revenue showed further signs of improvement.
Ray-Ban maker EssilorLuxottica has offered to sell assets in three EU countries in a bid to gain EU antitrust approval for its 7.2-billion-euro purchase of GrandVision, a person familiar with the matter said on Tuesday.
EssilorLuxottica said on Tuesday its third-quarter sales showed signs of recovery, but will eye the next few months with 'prudent confidence' as a second coronavirus wave threatens another heavy blow to results.
Oakley and Ray-Ban maker EssilorLuxottica's second-quarter revenue almost halved due to store closures to curb the spread of the coronavirus, it said on Friday, sending operating profit tumbling by more than 90%.
EssilorLuxottica has filed a legal action to obtain information from its acquisition target GrandVision about its management of the coronavirus crisis, the French-Italian maker of Ray-Ban said on Saturday.
EU regulators are set to warn EssilorLuxottica that its 7.2 billion euro bid for opticians group GrandVision may harm competition, people familiar with the matter said, pressuring the group to offer concessions.