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Australian regulators need more time to review LVMH’s acquisition of Tiffany & Co. as the coronavirus pandemic slows down operations.
LVMH’s acquisition of Tiffany & Co. may be delayed after Australian regulators have asked for more time to review the deal amid coronavirus slowdown.
New York—The official closing of LVMH’s acquisition of Tiffany & Co. may be delayed, following a request from Australian regulators seeking more time to review the deal.
In an 8-K filing Thursday, Tiffany said the Australian Foreign Investment Review Board (FIRB) is experiencing delays related to the coronavirus pandemic and needs more time to look over the fine print.
The FIRB is requesting a deadline extension until Oct. 6 instead of April 8, in line with the Australian government’s policy of seeking six-month extensions on business applications.
LVMH has accepted the request for an extension.
Tiffany noted it is possible the transaction will be approved before the Oct. 6 deadline.
The deal is still expected to close in mid-2020, in line with Tiffany’s initial expectations.
RELATED CONTENT: What Tiffany’s Acquisition Means for the Jewelry IndustryThe U.S. Securities and Exchange Commission approved the deal March 26 while the Canadian Competition Bureau cleared the transaction April 7.
In Europe, a draft filing was submitted March 4 and pre-filing discussions with the European Commission are ongoing, said Tiffany.
Approval proceedings are also underway in Mexico, Russia, and Asia, including China, Japan, South Korea, and Taiwan.
Tiffany’s shareholders approved the deal in February at a meeting held at the jeweler’s Fifth Avenue headquarters.
Luxury titan LVMH, the parent company of Louis Vuittion, Christian Dior, and other high-end brands, announced its plan to acquire Tiffany & Co. in a deal valued at $16.2 billion in November 2019.
Tiffany & Co. has temporarily closed all 94 stores in the U.S., all 13 stores in Canada, and many of its international locations, in light of the coronavirus.
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