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EssiLux loses Dutch court case against takeover target GrandVision

The court said: "The disclosure of large volumes of corporate information that EssilorLuxottica demands without specific grounds can be characterised as a fishing expedition"

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At the hearing, GrandVision said it had always informed EssiLux about its actions.

Reuters Amsterdam
EssilorLuxottica on Monday lost a Dutch court case in which the eyewear maker was seeking to obtain more information from acquisition target GrandVision about its management of the coronavirus crisis.

The French-Italian maker of Ray-Ban had told a court hearing earlier this month that GrandVision’s decisions to suspend payments to store owners and suppliers and to apply for state aid could give grounds for ending its proposed 7.2 billion euro ($8.5 billion) takeover.

The Rotterdam district court said EssiLux had failed to prove its claim that the Dutch company had breached the takeover agreement by not asking permission for the actions it took

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First Published: Aug 24 2020 | 11:03 PM IST

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