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Tiffany, LVMH Deal Receives EU Approval
The companies are reportedly in talks to lower the acquisition price, in line with what analysts had expected.
Tiffany & Co.’s “Soleste” round engagement ring in platinum with diamonds. Tiffany and LVMH are scheduled to head to court in January for a four-day trial regarding the jeweler’s pending acquisition. (Image courtesy of Tiffany & Co.)
New York—The Tiffany & Co. and LVMH deal has cleared the final regulatory hurdle, with the European Commission granting the acquisition antitrust approval.
While the fate of the multi-billion-dollar deal is still uncertain due to the ongoing legal disputes surrounding it, reports surfaced this week that a compromise may be on the horizon.
LVMH announced its intention to back out of the $16.2 billion deal last month, citing closing date issues and a request from the French government.
In response, Tiffany & Co. filed a lawsuit in Delaware to force LVMH to move forward with the deal, claiming the luxury conglomerate was just looking for excuses to get out of the deal.
LVMH filed a countersuit, claiming that Tiffany had not lived up to the acquisition’s closing conditions, citing poor management and its handling of the COVID-19 crisis.
The companies are scheduled to head to court on Jan. 5, 2021 to resolve the dispute, though reports surfaced Tuesday that the deal may still go through, albeit at a lower price, as analysts predicted.
A CNBC report said the terms of the deal may be revised, allowing LVMH to acquire Tiffany for $130 to $133 per share, compared with the currently agreed-upon price of $135 per share.
Tiffany and LVMH did not respond to National Jeweler’s request for comment on the report.
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