LVMH Pulls out of Tiffany Acquisition

By John Jeffay / September 09, 2020 / www.idexonline.com / Article Link

(IDEX Online) - French luxury conglomerate LVMH has dramatically pulled out of its delayed $16.2bn acquisition of the jeweler Tiffany & Co, blaming the threat of US tariffs.Tiffany accused LVMH of deliberately stalling in order to renegotiate the agreement.It responded by filing a lawsuit to enforce the deal, which was originally agreed last November, before the coronavirus pandemic.It should have been concluded on 24 August, but was pushed back three months to 24 November.Tiffany is understood to be asking the courts to order LVMH to complete the deal before that date. LVMH said the French foreign ministry had asked them to delay the acquisition because of the threat of the US introducing trade tariffs in January 2021.The deal would have been the biggest ever acquisition by LVMH - Moet Hennessy Louis Vuitton - eclipsing its purchase of the Italian watchmaker Bulgari for $5.2bn in 2011.

Recent News

Gold stocks gain even as metal price pulls back

April 29, 2024 / www.canadianminingreport.com

Copper price forecast swinging significantly on shifting outlook

April 29, 2024 / www.canadianminingreport.com

Upgrades continue for 2024 gold price target...

April 22, 2024 / www.canadianminingreport.com

Gold stocks edge up as weak equities offset metal rise

April 22, 2024 / www.canadianminingreport.com

Major investment banks make major gold price upgrades

April 15, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok