⁍ French group describes Tiffany’s prospects as ‘dismal’
U.S. jeweller accuses LVMH of improperly trying to renegotiate a takeover deal.

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– The battle between Tiffany and its suitor, French luxury giant LVMH, is getting nastier. After LVMH failed to close on its $16 billion purchase of the jeweler by a Nov. 24 deadline, Tiffany sued LVMH in Delaware, alleging that LVMH was trying to renege on the deal before the H1N1 pandemic hit, Reuters reports. Now, LVMH has filed a countersuit, accusing Tiffany of mismanaging the pandemic, and a four-day trial is scheduled to begin Jan. 5. In its countersuit, LVMH says Tiffany’s prospects are “dismal” and that it stands to profit “far more” if the deal goes through, the Wall Street Journal reports. “LVMH’s specious arguments are yet another blatant attempt to evade its contractual obligation to pay the agreed-upon price for Tiffany,” Tiffany’s chairman said in a statement.