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LVMH Not Acquiring Tiffany & Co.

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The New York Times reports that the deal cost $16.2 billion.

The New York Times reports that the deal cost $16.2 billion.

LVMH is not pursuing the acquisition of Tiffany & Co. after the French European and Foreign Affairs Minister requested the company defer the acquisition until 2021 as a result of the threat of taxes on French products by the United States. The deal was originally announced in October 2019.

Further reading: The Marie Claire Group Acquires Desdoigts & Associés

According to LVMH, the merger agreement gave a closing deadline no later than November 24, 2020, but Tiffany and Co. also requested to extend the "outside date" to December 31, 2020.

The New York Times reports that the deal cost $16.2 billion.

Tiffany and Co. has now reportedly filed a lawsuit against LVMH, claiming that it is in breach of its contract relating to obtaining antitrust clearance, and that LVMH cannot avoid going through with the deal because it is inconsistent with its patriotic duties as a French company.

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