PARIS/MILAN: A row over who is in charge at Ray-Ban maker EssilorLuxottica could drag on for two years or more after the recently merged group's executive chairman filed an arbitration request after alleged violations of a power-sharing agreement.
EssilorLuxottica's shares fell 2.7 percent by 1510 GMT on Thursday after the holding of Luxottica's founder Leonardo Del Vecchio said it had filed an arbitration request with the Paris-based International Chamber of Commerce. Del Vecchio's Delfin holding said in a statement on Wednesday the deadlock within EssilorLuxottica's board was hampering the integration process and planned synergies from the merger.Del Vecchio, 83, has been engaged in a dispute with his French counterpart Hubert Sagnieres, who came from Essilor and is vice-chairman of the new entity.
An Italian source close to the situation said Del Vecchio, Italy's second-richest man, was in no mood for compromise even if that meant leaving the combined group essentially paralyzed until the end of the power-sharing accords in two years' time.
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