⁍ Tiffany & Co has received all regulatory approvals needed for its $16 billion (12.29 billion pounds) acquisition by French luxury goods group LVMH.
⁍ The approval from the European competition authorities comes amid a legal battle between LVMH and Tiffany.
⁍ The latter suing the Louis Vuitton owner in a Delaware court, alleging that the French company has deliberately been stalling the completion of the deal.
– It looks like Tiffany’s deal to be acquired by French luxury goods giant LVMH will be finalized after all. The European Commission has given its blessing to the $16 billion deal, which still needs to be approved by Tiffany’s shareholders, Reuters reports. The approval comes amid a legal battle between the two companies, with Tiffany alleging that LVMH has been stalling the completion of the deal by improperly trying to renegotiate it. LVMH has countersued, alleging that Tiffany has been mismanaged during the COVID-19 pandemic.
Source: https://www.reuters.com/article/tiffany-m-a-lvmh/tiffany-lvmh-deal-clears-regulatory-hurdles-with-eu-nod-idUSKBN27C06J