“As it stands, the LVMH Group will therefore not be able to complete the acquisition of Tiffany & Co.,” the French conglomerate said in a brief statement on Wednesday.
The French luxury giant said it likely won’t be able to complete its planned $16.2 billion acquisition of the American jeweler after France’s Minister for Europe and Foreign Affairs asked LVMH to defer the transaction beyond Jan. 6, 2021. The request was made in the wake of a U.S. threat to slap tariffs on a range of French products.
LVMH negotiated its deal to acquire Tiffany in November 2019, before the coronavirus pandemic: read here.
The Financial times reported that Tiffany to be filing a lawsuit with the Delaware Court of Chancery seeking to force LVMH to close the transaction by the Nov. 24 deadline, in respect of their agreements
What will happen next?
