EssilorLuxottica: legal complications in dispute
(CercleFinance.com) - Under the water in CAC 40 today, having fallen by about 2% at one point, the EssilorLuxottica share has once again been suffering from legal action in the dispute between its two "copatrons" Leonardo Del Vecchio and Hubert Sagnières.
In a statement released yesterday, Delfin, Mr Del Vecchio's holding company, says that it has submitted a request for arbitration to the International Chamber of Commerce. Delfin accuses Mr Sagnières, the former boss of Essilor International who has the same powers as the Chairman and CEO Leonardo Del Vecchiowithin EssilorLuxottica, from failing to respect the terms of the merger agreement, and demands that he be ordered to comply with them.
As included in the Delfin statement of 20 March 2019, these violations relate to the breach of the duties of sincere cooperation and good faith provided for by the 2017 merger agreement between Essilor and Delfin, which finds itself deprived of its equal share of authority in management, Delfin's statement points out.
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In a statement released yesterday, Delfin, Mr Del Vecchio's holding company, says that it has submitted a request for arbitration to the International Chamber of Commerce. Delfin accuses Mr Sagnières, the former boss of Essilor International who has the same powers as the Chairman and CEO Leonardo Del Vecchiowithin EssilorLuxottica, from failing to respect the terms of the merger agreement, and demands that he be ordered to comply with them.
As included in the Delfin statement of 20 March 2019, these violations relate to the breach of the duties of sincere cooperation and good faith provided for by the 2017 merger agreement between Essilor and Delfin, which finds itself deprived of its equal share of authority in management, Delfin's statement points out.
Copyright (c) 2019 CercleFinance.com. All rights reserved.