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LVMH proposal for Tiffany acquisition with EC for approval

21
Sep '20
Pic: Shutterstock
Pic: Shutterstock
French luxury goods conglomerate LVMH Moët Hennessy Louis Vuitton recently confirmed that immediately after receiving approval from the European Commission to proceed, it has submitted the proposed acquisition of US jewellery giant Tiffany & Co. for anti-trust review. Eight of the ten requisite anti-trust clearances have already been obtained. It expects to receive approval from the Commission and Taiwan before November 24.

Early this month, LVMH had called off its acquisition of Tiffany, citing delay in the closing date. The company had received a letter from the French government, directing it to defer the acquisition of Tiffany until after January 6, 2021, it had said in a statement. That came amid a threat to impose taxes on French products by the United States.

LVMH's board then had also taken note of Tiffany's request to extend the ‘Outside Date’ in the merger agreement from November 24 to December 3, 2020.

Fibre2Fashion News Desk (DS)


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