LVMH countersues Tiffany & Co in bid to drop $16 billion acquisition

LVMH countersued Tiffany & Co, arguing the latter’s financial mismanagement in the Covid-19 pandemic permits the French luxury goods giant to walk away from its $16 billion acquisition of the iconic US jeweller.
 
The move comes after Tiffany sued LVMH earlier this month, objecting to the Paris-based company’s decision not to go through with the deal they signed last November because of a French government request and the impact of the coronavirus outbreak.
 
In its lawsuit filed in Delaware Chancery Court, LVMH said the agreement with Tiffany had no carve-out for pandemics under the definition of a so-called