December 4, 2020

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LVMH can take over Tiffany (but doesn’t want that anymore)

LVMH can take over Tiffany (but doesn't want that anymore)

The French LVMH wants to cancel the deal because of the corona crisis, but that goes beyond the Americans.

Photo: REUTERS

The European competition authorities have given the go-ahead for a takeover of the American jewelry company Tiffany by the French luxury group Louis Vuitton Moët Hennessy (LVMH) for 16.2 billion dollars. Tiffany reported this in a statement to the SEC on the Monday after the exchange.

The approval of the European authorities was the last hurdle before the takeover. Meanwhile, LVMH is blocking the deal. The French company plans to cancel the acquisition because of the corona pandemic outbreak, which has a negative impact on sales and thus on the company’s value. Read: The French Think They Pay Too Much. But the Americans want the takeover to proceed. Both parties have now brought each other to court.