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LVMH drops $14.5 billion deal for Tiffany, cites US tariffs threat

Luxury goods giant LVMH is ending its takeover deal of luxury jewellery retailer Tiffany & Co, citing in part the threat of proposed US tariffs on French goods

Tiffany's | Luxury brands | US tariffs

AP  |  Paris 


Luxury goods giant LVMH is ending its takeover deal of luxury jewellery retailer Tiffany & Co., citing in part the threat of proposed U.S. tariffs on French goods.

The Paris-based conglomerate said that it needs more time to assess the impact of the possible U.S. tariffs on French goods and cannot close the deal before year-end.

The USD 14.5 billion deal was scheduled to close November 24.

Tiffany replied that it's suing to enforce the merger agreement, which was signed in November 2019. The New York company said LVMH's argument has no basis in French law.

Tiffany also said that LVMH hasn't even attempted to seek antitrust approval from three jurisdictions.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, September 09 2020. 20:51 IST