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By Cristina Roca
The two warring sides of EssilorLuxottica SA (EL.FR) have broken a months-long deadlock on a governance dispute and struck a peace deal just a few days before the company's annual general meeting takes place on Thursday.
The optical company and its main shareholder Delfin said Monday that they have signed a settlement agreement, and that all legal disputes between them will be dropped.
EssilorLuxottica Chairman Leonardo Del Vecchio and Vice-Chairman Hubert Sagnieres agreed to give powers to the chief executives of the Essilor and Luxottica businesses, Laurent Vacherot and Francesco Milleri respectively, to work on a strategy and integration process at EssilorLuxottica within the next 12 to 24 months. Mr. Vacherot and Mr. Milleri have signed off on key staff appointments to lead the company's central functions, the company said.
Investors welcomed the news: At 0714 GMT, shares in EssilorLuxottica traded 4.4% higher at EUR115.05.
Write to Cristina Roca at firstname.lastname@example.org; @_cristinaroca
(END) Dow Jones Newswires
May 13, 2019 03:38 ET (07:38 GMT)
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