Tiffany & Co sues LVMH after French retailer cancels US$16b offer
PARIS (Sept 10): US jewelry retailer Tiffany & Co has filed a lawsuit against LVMH after the French luxury goods giant called off a planned $16.2 billion acquisition, reported Malay Mail.
The acquisition deal, which was first postponed due to the impact of the Covid-19 pandemic, and then cancelled by the French foreign ministry given the threat of additional US tariffs against French products.
LVMH said that the board had received a letter from the French foreign ministry requesting it to delay the acquisition until January 6, 2021, given the threat of additional US tariffs against French products.
However, LVMH argued that it is impossible to meet a contractual November 24 deadline to complete the acquisition, adding that it was not willing to extend the agreement further.
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