Monday, January 25, 2021
Home Breaking News Tiffany shareholders back LVMH takeover in end to long-drawn dispute

Tiffany shareholders back LVMH takeover in end to long-drawn dispute


#Tiffany & #Co. in #Vienna, #Austria at the most prestigious shopping zone in downtown #Wien also called the #Golden U at #Kohlmarkt street #Strasse.

#Nicolas #Economou | #NurPhoto | #Getty #Images

U.S. jeweler #Tiffany’s shareholders on #Wednesday approved a $15.8 billion deal with #France’s LVMH, ending an acrimonious dispute between the two luxury retailers that had stretched for more than a year.

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#At a virtual special stockholder meeting, more than 99% of votes cast were in favor of the deal.

#Billionaire #Bernard #Arnault-led LVMH made the first offer late last year, but as the luxury industry slipped into a turmoil due to the #Covid-19 pandemic the company backed out from its promise to close the deal.

LVMH also cited #French political intervention to delay completing the acquisition until #Jan. 6, pushing #Tiffany into a legal battle in #September to force LVMH to honor the deal.

#Tiffany had earlier said its sales were improving, citing demand recovery in the #United #States ahead of the holiday season and #China, one of its biggest markets.

LVMH then renegotiated the deal price, lowering it by $425 million. The deal, now cleared by regulators, is expected to close in early 2021.

#As agreed in #October, LVMH will pay $131.5 per share, down from $135 in the original deal signed late last year.



[ source link ]
https://www.cnbc.com/2020/12/30/tiffany-shareholders-back-lvmh-takeover-in-end-to-long-drawn-dispute.html

##Tiffany #shareholders #LVMH #takeover #longdrawn #dispute

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