July 17, 2019 / 5:47 PM / a month ago

EssilorLuxottica seeks majority stake in Dutch eyewear firm GrandVision

(Reuters) - Dutch optical retailer GrandVision NV (GVNV.AS) said on Wednesday it was approached by EssilorLuxottica SA (ESLX.PA) and HAL Holding NV for a possible transfer of HAL’s majority stake in the company to the French eyewear group.

The proposed price for the sale of HAL’s 76.72% stake in GrandVision would be 28 euros per share, the Dutch company said. That represents a premium of about 22% to GrandVision’s close of 22.9 euros per share on Wednesday.

“No agreement has yet been reached and no assurance can be provided that these discussions will lead to such an agreement,” HAL said in a separate statement, confirming the talks.

News of a possible deal between EssilorLuxottica and GrandVision was first reported by Bloomberg.

Shares of GrandVision closed up nearly 9%, valuing the company at about 5.81 billion euros ($6.52 billion), according to Refinitiv Eikon data. EssilorLuxottica shares closed down 1.4% at 116.55 euros.

EssilorLuxottica was not immediately available for comment.

The company, formed last October through the merger of France’s Essilor and Italy’s Luxottica, owns brands such as Ray-ban, Oakley, Persol, Oliver Peoples and Varilux.

GrandVision has more than 7,000 stores in more than 40 countries across Europe, Asia, North America and Latin America, according to its website.

Reporting by Akshay Balan in Bengaluru; Editing by Shounak Dasgupta and Anil D'Silva

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