EssilorLuxottica declared an end to a feud between its French and Italian partne...
PARIS - EssilorLuxottica declared an end to a feud between its French and Italian partners on Monday, saying it would drop all legal proceedings and focus on integrating the eyewear group formed by last year’s 54 billion euro merger.
“The settlement allows a step forward in restoring a more constructive spirit between sides, precondition to seize potential synergies of the merger,” equity broker Equita wrote in a note to clients. The battle culminated in March when Del Vecchio’s holding company Delfin said it would seek arbitration in the International Chamber of Commerce, prompting Essilor to ask a Paris court to nominate an outside mediator.
Last week, however, the group confirmed 2019 targets, including a rise in sales of 3.5 to 5 percent, and pledged to deliver on planned synergies of up to 600 million euros annually in the next three to five years.
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