EssilorLuxottica ‘reconsidering’ GrandVision takeover

EssilorLuxottica is reconsidering its agreed €7.1bn takeover of Vision Express owners GrandVision because of legal and pandemic concerns, according to Bloomberg.

The media company reported that its sources understood EssilorLuxottica had become worried about the way Covid-19 had impacted GrandVision’s business.

EssilorLuxottica acquired HAL Holdings’ 76.72% interest in GrandVision in July, 2019 and a European Commission investigation was launched in February, 2020 over competition concerns.

A legal bid by EssilorLuxottica for the disclosure of information about how GrandVision conducted business during the pandemic was dismissed by the Dutch District Court in September, 2020 and an appeal was subsequently launched.