LVMH countersued Tiffany & Co on Monday, arguing the U.S. jeweler's financial mismanagement in the pandemic permits the French luxury goods giant to walk away from its proposed $16 billion acquisition of the company.
French luxury goods giant LVMH and U.S. jewellery chain Tiffany will give themselves another three months to complete their $16.2 billion (12.41 billion pounds) tie-up after the deal did not close on the Aug.
French luxury goods giant is not asking to renegotiate its $16.2-billion acquisition of U.S. jewelry chain Tiffany & Co after deliberating whether to do so, people familiar with the matter said on Friday.
With rumors mounting that Bernard Arnault may be attempting to renegotiate a lower deal price for LVMH’s acquisition of Tiffany, the luxury group said Thursday it will not buy any shares in the jeweler on the market.
LVMH's $16.2 billion takeover of Tiffany & Co is looking less certain as the jeweler grapples with a deteriorating situation in the U.S. market brought on by a global pandemic and severe social unrest.
Luxury jeweler Tiffany & Co forecast a significant results hit this year as it temporarily shut stores and said Friday it had lost about half of its operating days in mainland China since the coronavirus outbreak.