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GrandVision Slumps on Concern Ray-Ban Owner May Walk Away

  • Verdict gives EssilorLuxottica leverage to renegotiate
  • Relations between suitor and target soured last year
Sensaya spectacles, manufactured by GrandVision NV, at a store in Amsterdam, Netherlands.

Sensaya spectacles, manufactured by GrandVision NV, at a store in Amsterdam, Netherlands.

Photographer: Peter Boer/Bloomberg
Updated on

GrandVision NV slumped the most in more than a year after EssilorLuxottica SA won a ruling that gives the Italian maker of Ray-Ban sunglasses leverage to renegotiate its proposed 7.3 billion-euro ($8.7 billion) purchase or even walk away at no cost.

EssilorLuxottica said late yesterday that it’s “reviewing its options” following the arbitration decision, without specifying its preferred course of action. The tribunal’s vote means EssilorLuxottica can abandon its pursuit without having to pay a 400 million-euro fee, handing it considerable bargaining power in an increasingly bitter back and forth between the two sides.