fbpx

EssilorLuxottica and Delfin Sign Settlement Agreement to Solve Governance Issues

EssilorLuxottica announced that EssilorLuxottica and Deflin S.à.r.l. agreed upon a settlement agreement to overcome the governance issues and set the basis for a renewed start of profound collaboration between Essilor and Luxottica. The agreement settles any existing dispute among the parties.

The Board of Directors of EssilorLuxottica unanimously supported and approved this agreement aimed at immediately making the Group’s structure more efficient and effective from an operational standpoint.

The equal-powers governance, set forth in the Combination Agreement and the Board Rules, is remaining in place until the date of the shareholders’ general meeting to be called in 2021 to approve the financial statements for the year ended December 31, 2020.

According to the agreement, Leonardo Del Vecchio and Hubert Sagnières empowered Francesco Milleri (Deputy Chairman – CEO of Luxottica Group) and Laurent Vacherot (CEO of Essilor International) with the responsibility to develop and implement the EssilorLuxottica strategy and integration process, accelerating the simplification of the new Group by integrating the two operating companies within the next 12 to 24 months. The Board also confirmed the search for a new CEO.


As a result of this agreement, all existing claims will be waived and legal proceedings will be terminated, including the request for arbitration filed by Delfin before the International Court of Arbitration of the International Chamber of Commerce on March 27, 2019.

In light of this agreement, Valoptec decided that it will withdraw the proposal submitted on April 18, 2019 for the appointment, at the Shareholders’ Meeting convened for May 16, 2019, of one additional Director of EssilorLuxottica and will vote against the proposals submitted by certain institutional investors for the appointment of two additional Directors.

As previously stated, the Board recommends that the shareholders vote against all the remaining proposed additional resolutions which, if approved, would result in a clear breach of the Combination Agreement and in a potential disruption for the activities of the Board.

Click HERE for the full press release.

Featured Posts

EssilorLuxottica Diesel

EssilorLuxottica and Diesel Announce a 10-Year licensing Agreement

EssilorLuxottica and Diesel announced that they have signed an exclusive license agreement for the design, manufacture, and worldwide distribution of Diesel eyewear.

Learn More

OSI Summit East 2024: A Resounding Success in Halifax

The OSI Summit East had Halifax’s Marriot Harbourfront Hotel echoing with innovation and collaboration.

Read more
Marchon Longchamp

Marchon and Longchamp Announce Renewal of Exclusive Global Eyewear Licensing Agreement

Marchon Eyewear and Longchamp, the French luxury brand, announced the multi-year renewal of their global eyewear licensing agreement.

Read more
Etnia Barcelona Gorgonia

Etnia Barcelona Launches Underwater Campaign for Its Spring-Summer Collection

Etnia Barcelona presents its new Underwater campaign, transporting us to a surreal and hypnotic universe that evokes the mystery of the deep sea.

Read more
Specsavers logo

Specsavers Champions Next Generation of Optometrists in Canada with ASCO Sponsorship

Specsavers has announced their sponsorship of the Association of Schools and Colleges of Optometry (ASCO).

Read more
EssilorLuxottica Diesel

EssilorLuxottica and Diesel Announce a 10-Year licensing Agreement

EssilorLuxottica and Diesel announced that they have signed an exclusive license agreement for the design, manufacture, and worldwide distribution of Diesel eyewear.

Learn More

OSI Summit East 2024: A Resounding Success in Halifax

The OSI Summit East had Halifax’s Marriot Harbourfront Hotel echoing with innovation and collaboration.

Read More
Marchon Longchamp

Marchon and Longchamp Announce Renewal of Exclusive Global Eyewear Licensing Agreement

Marchon Eyewear and Longchamp, the French luxury brand, announced the multi-year renewal of their global eyewear licensing agreement.

Read More
Etnia Barcelona Gorgonia

Etnia Barcelona Launches Underwater Campaign for Its Spring-Summer Collection

Etnia Barcelona presents its new Underwater campaign, transporting us to a surreal and hypnotic universe that evokes the mystery of the deep sea.

Read More
Specsavers logo

Specsavers Champions Next Generation of Optometrists in Canada with ASCO Sponsorship

Specsavers has announced their sponsorship of the Association of Schools and Colleges of Optometry (ASCO).

Read More
EssilorLuxottica Diesel

EssilorLuxottica and Diesel Announce a 10-Year licensing Agreement

EssilorLuxottica and Diesel announced that they have signed an exclusive license agreement for the design, manufacture, and worldwide distribution of Diesel eyewear.

Learn More

OSI Summit East 2024: A Resounding Success in Halifax

The OSI Summit East had Halifax’s Marriot Harbourfront Hotel echoing with innovation and collaboration.

Read more
Marchon Longchamp

Marchon and Longchamp Announce Renewal of Exclusive Global Eyewear Licensing Agreement

Marchon Eyewear and Longchamp, the French luxury brand, announced the multi-year renewal of their global eyewear licensing agreement.

Read more
Etnia Barcelona Gorgonia

Etnia Barcelona Launches Underwater Campaign for Its Spring-Summer Collection

Etnia Barcelona presents its new Underwater campaign, transporting us to a surreal and hypnotic universe that evokes the mystery of the deep sea.

Read more
Specsavers logo

Specsavers Champions Next Generation of Optometrists in Canada with ASCO Sponsorship

Specsavers has announced their sponsorship of the Association of Schools and Colleges of Optometry (ASCO).

Read more
EssilorLuxottica Diesel

EssilorLuxottica and Diesel Announce a 10-Year licensing Agreement

EssilorLuxottica and Diesel announced that they have signed an exclusive license agreement for the design, manufacture, and worldwide distribution of Diesel eyewear.

Learn More

OSI Summit East 2024: A Resounding Success in Halifax

The OSI Summit East had Halifax’s Marriot Harbourfront Hotel echoing with innovation and collaboration.

Read more
Marchon Longchamp

Marchon and Longchamp Announce Renewal of Exclusive Global Eyewear Licensing Agreement

Marchon Eyewear and Longchamp, the French luxury brand, announced the multi-year renewal of their global eyewear licensing agreement.

Read more
Etnia Barcelona Gorgonia

Etnia Barcelona Launches Underwater Campaign for Its Spring-Summer Collection

Etnia Barcelona presents its new Underwater campaign, transporting us to a surreal and hypnotic universe that evokes the mystery of the deep sea.

Read more
Specsavers logo

Specsavers Champions Next Generation of Optometrists in Canada with ASCO Sponsorship

Specsavers has announced their sponsorship of the Association of Schools and Colleges of Optometry (ASCO).

Read more