Grandvision Confirms Takeover Approach by EssilorLuxottica -- Update

--Grandvision confirms approach from majority owner and EssilorLuxottica

--Envisaged deal values Grandvision at EUR28 a share

--Grandvision shares closed up 8.8% on Wednesday

 
   By Oliver Griffin 
 

Grandvision N.V. (GVNV.AE) on Wednesday confirmed that it has been approached about the possible sale of HAL Holding's 76.72% stake in the company to French eyewear giant EssilorLuxottica S.A. (EL.FR).

The Dutch optical retailer was responding to a statement from the investment company, a part of HAL Trust (HAL.AE), which said it was in talks to sell its stake to EssilorLuxottica.

Grandvision said it was uncertain if a deal would be reached but added that the current envisaged price valued it at EUR28 a share.

According to FactSet, Grandvision is valued at around 5.83 billion euros ($6.55 billion), after shares closed up 8.8% at EUR22.90 a share on Wednesday.

Completion of a sale will be subject to customary conditions, including approval by regulatory authorities.

Write to Oliver Griffin at [e-mail]; @OliGGriffin

(END) Dow Jones Newswires

July 17, 2019 13:16 ET (17:16 GMT)

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