LVMH Seeks Authorization From EU Competition Authorities To Purchase Tiffany

LVMH Seeks Authorization From EU Competition Authorities To Purchase Tiffany

LVMH Seeks Authorization From EU Competition Authorities To Purchase Tiffany

French luxury goods manufacturer LVMH Moet Hennessy Louis Vuitton SE has asked the EU antitrust authorities for permission to buy the American Tiffany & Co. “Eight out of ten required antitrust approvals have already been obtained. LVMH expects to receive approval from the European Commission and Taiwan by the November 24 deadline,” the French company said in a press release.

Tiffany has previously sued LVMH in Delaware. Tiffany believes that LVMH did not take the necessary steps to obtain regulatory approvals for the deal. LVMH called these accusations unfounded. After that, the French goods manufacturer planned a lawsuit against Tiffany, accusing the American company of ineffective management during the crisis.

LVMH announced in early September that it would not be able to complete its purchase of Tiffany under current circumstances. In support of its decision, LVMH, in particular, cited Tiffany's request to postpone the closing date for the deal from November 24 to December 31.

Under the terms of the agreement entered into by the companies in November 2019, LVMH planned to pay $ 16.2 billion for Tiffany.

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