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.
Bombay HC Quashes Retired IAS Officer’s Attempt To Evict Son From Andheri Bungalow; Says Senior Citizens Act Not For Property Disputes
Bombay HC Quashes MPDA Detention For 99-Day Delay; Calls Preventive Custody ‘Punishment Without Trial’
Uttar Pradesh News: Deputy CM Keshav Prasad Maurya Hears Hundreds At Janata Darshan, Orders Time-Bound Redressal Of Grievances
Veteran Socialist Leader Dr Baba Adhav Passes Away At 95 In Pune
Tiffany also said that LVMH hasn't even attempted to seek antitrust approval from three jurisdictions.
