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The billion-dollar acquisition still needs regulatory approval from the European Union, Japan, Mexico and Taiwan.
A platinum and diamond wedding ring set from Tiffany & Co. LVMH’s acquisition of the jeweler will take longer than expected. (Photo courtesy of Tiffany & Co.)
New York—LVMH’s acquisition of Tiffany & Co. is going to take more time.
The French luxury titan and the American jeweler need another three months to complete the $16.2 billion deal, regulatory filings show.
Though the deal was set to close Aug. 24, the terms included a stipulation that one of the parties could push back the closing to as late as Nov. 24 if needed.
Tiffany has postponed the closing, according to an 8-K filed with the U.S. Securities and Exchange Commission.
LVMH declined to comment on the date change. Tiffany did not respond to a request for comment.
RELATED CONTENT: What Tiffany’s Acquisition Means for the Jewelry IndustryReports surfaced in June saying the deal was in jeopardy due to the effects of the COVID-19 pandemic on retail and the civil unrest in the U.S. market as well as concerns about Tiffany’s ability to cover its debt covenants.
The acquisition has yet to receive the necessary regulatory clearance from the European Commission, the Japan Fair Trade Commission, Mexico’s Comisión Federal de Competencia Económica and the Taiwan Fair Trade Commission.
LVMH announced its plans to acquire Tiffany in November 2019, looking to strengthen its presence in the United States.
The deal was approved by Tiffany’s shareholders in February as well as the board of directors of both Tiffany and LVMH.
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