LVMH: EU validates planned acquisition of Tiffany
(CercleFinance.com) - Tiffany announced on Monday that the European Commission had approved its takeover by the French luxury goods giant LVMH, for a deal that is now subject to litigation before the courts.
In a notice sent last night to the US stockmarket authorities, the US jeweler said that all the regulatory approvals needed to complete the merger have now been obtained.
At the end of September, LVMH had filed a complaint with a Delaware Court of Justice, claiming that the coronavirus pandemic allowed it to abandon the transaction.
Meanwhile, Tiffany believes that the French group is trying to avoid its obligation to pay the price agreed in the initial agreement.
A four-day trial is set to take place in early January 2021.
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