EssilorLuxottica's Warring Sides Sign Settlement Agreement
13 May 2019 - 5:53PM
Dow Jones News
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 cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
May 13, 2019 03:38 ET (07:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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