⁍ France’s LVMH will pay slightly less to acquire U.S. jeweler Tiffany & Co.

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⁍ The two companies agreed to end a bitter dispute and salvage the luxury sector’s biggest-ever deal.

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⁍ The new takeover price was set at $131.5 a share, down from $135 in the original deal.

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– France’s LVMH Moet Hennessy Louis Vuitton initially agreed to buy Tiffany for $135 a share, a transaction valued at $15.8 billion when it was announced last November. But the deal ran into trouble last month when LVMH, owner of Louis Vuitton, cited a threat of new US tariffs on French products and also criticized Tiffany’s “dismal” performance during the coronavirus crisis, per Reuters. Tiffany sued LVMH in Delaware, seeking to force it to honor the original deal. However, a source close to the matter told Reuters on Wednesday that Tiffany had recently approached LVMH with a more conciliatory tone. The new deal, whose main details emerged on Wednesday, brings to an end an acrimonious and public war of words between two of the luxury industry’s best known groups. The new deal, whose main details emerged on Wednesday, brings to an end an acrimonious and public war of words between two of the luxury industry’s best known groups. The initial deal ran into trouble last month when Louis Vuitton owner LVMH said it could no longer complete the transaction by a Nov. 24 deadline. It cited a French political intervention asking it to delay completing the acquisition until Jan. 6 due to a threat of new US tariffs on French products, and also decried the jeweler’s ‘dismal’ performance during the coronavirus crisis. Tiffany in return sued LVMH in a Delaware court, seeking to force it to honor the original deal. The case had been scheduled to be heard in early January.