LVMH Pulls Out of Tiffany Takeover
09 September 2020 - 9:34PM
Dow Jones News
By Matthew Dalton
PARIS -- Luxury goods giant LVMH Moët Hennessy Louis Vuitton SE
said Wednesday it was backing out of its $16.2 billion takeover of
Tiffany & Co, claiming that both Tiffany and the French
government asked it to delay the acquisition beyond the closing
date allowed by the merger agreement.
LVMH said the French foreign ministry had sent it a letter
asking the company to delay the acquisition to after Jan. 6, 2021
because of the threat of trade tariffs from the U.S. LVMH said
Tiffany asked to delay the acquisition until Dec. 31 of this
year.
Tiffany said Wednesday it has filed a lawsuit in Delaware to
enforce the agreement, saying the request from the French foreign
ministry has no basis in law.
Write to Matthew Dalton at Matthew.Dalton@wsj.com
(END) Dow Jones Newswires
September 09, 2020 07:19 ET (11:19 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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