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The European Commission has officially given the go-ahead for the acquisition of Tiffany by the luxury group LVMH, the American jeweler said in a document sent Tuesday to the Securities and Exchange Commission (SEC).
However, this $16 billion (13.5 billion euros) deal, which has fascinated the world’s press, remains uncertain, and it is not certain that the transaction will ever be concluded. The two parties have sued each other and are preparing to go to trial next January.
Bernard Arnault’s group announced on September 9 that it could no longer “as is” acquire Tiffany, citing the management of the jeweler during the COVID-19 epidemic and a request from the French Foreign Ministry to postpone the wedding “in reaction to the threat of taxes on French products from the United States“.
The French giant LVMH is seeking to convince the judge that the pandemic caused a situation of force majeure (“material adverse effect”), with the objective of challenging the contract signed with Tiffany.
The American jeweler claims that its business is on the road to recovery. While sales declined slightly in August and September, operating profit nevertheless jumped by up to 25% year-on-year for the same period.
The trial on the dispute between the two companies is scheduled to last four days, starting on January 5, and will take place in the state of Delaware.
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Featured photo: © Tiffany[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
The European Commission has officially given the go-ahead for the acquisition of Tiffany by the LVMH group, the American jeweler said in a document sent Tuesday to the Securities and Exchange Commission (SEC).
However, this $16 billion (13.5 billion euros) deal, which has fascinated the world’s press, remains uncertain, and it is not certain that the transaction will ever be concluded. The two parties have sued each other and are preparing to go to trial next January.
Bernard Arnault’s group announced on September 9 that it could no longer “as is” acquire Tiffany, citing the management of the jeweler during the COVID-19 epidemic and a request from the French Foreign Ministry to postpone the wedding “in reaction to the threat of taxes on French products from the United States”.
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The European Commission has officially given the go-ahead for the acquisition of Tiffany by the LVMH group, the American jeweler said in a document sent Tuesday to the Securities and Exchange Commission (SEC).
However, this $16 billion (13.5 billion euros) deal, which has fascinated the world’s press, remains uncertain, and it is not certain that the transaction will ever be concluded. The two parties have sued each other and are preparing to go to trial next January.
Bernard Arnault’s group announced on September 9 that it could no longer “as is” acquire Tiffany, citing the management of the jeweler during the COVID-19 epidemic and a request from the French Foreign Ministry to postpone the wedding “in reaction to the threat of taxes on French products from the United States“.
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