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Tiffany will sue LVMH because of the postponement of the planned acquisition of the American jeweler by the French luxury goods giant, the Financial Times reported Wednesday.
Tiffany will sue LVMH over the postponement of the planned acquisition of the US jeweller by the French luxury goods giant, the Financial Times reported Wednesday.
LVMH had just earlier referred to the abandonment of the deal, estimated at $16.2 billion (€13.8 billion), due to a request by French authorities to postpone it beyond 6 January and Tiffany’s request to postpone its completion from 24 November to 31 December.
This series of events is likely to undermine the acquisition of Tiffany & Co. LVMH said.
“In view of these factors, and having taken note of the initial legal analyses carried out by LVMH’s boards and teams, the Board of Directors has decided to adhere to the terms of the Agreement and Plan of Merger concluded in November 2019, which sets a deadline for closing the transaction by 24 November 2020 at the latest, and noted that, as things stand, the LVMH Group would therefore not be in a position to complete the acquisition of Tiffany & Co” , adds the management of the world’s leading luxury goods company.
Read also > LVMH: THE ACQUISITION OF TIFFANY & CO. POSTPONED TO NOVEMBER 24, 2020
Featured photo: © Tiffany & Co.[/vc_column_text][/vc_column][/vc_row]
