Tiffany-LVMH deal clears regulatory hurdles with European Union nod

Tiffany has alleged that LVMH has improperly tried to renegotiate the deal, while LVMH has countersued, alleging that the US company has been mismanaged during the pandemic

(Reuters) - Tiffany & Co has received all regulatory approvals needed for the completion of its $16 billion (12.29 billion pounds) acquisition by French luxury goods group LVMH, the U.S. jeweler said on Monday after it received a nod from the European Commission.

The approval from the European competition authorities comes amid a legal battle between LVMH and Tiffany, with the latter suing the Louis Vuitton owner in a Delaware court, alleging that the French company has deliberately been stalling the completion of the deal.

Tiffany has alleged that LVMH has improperly tried to renegotiate the deal, while LVMH has countersued, alleging that the U.S. company has been mismanaged during the COVID-19 pandemic.

 

Reuters reported earlier this month that the deal was set to gain EU antitrust approval.

 

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel)