LVMH says $16.2 billion takeover of Tiffany can't go ahead

Hong Kong LVMH says it can't complete its planned acquisition of Tiffany, which would have been the biggest luxury goods deal in history.

The French conglomerate announced Wednesday that as things stand, it would not"be able to complete" the $16.2 billion deal — which was announced last November — because of"a succession of events which undermine the acquisition." Those events included a recent letter from the French government calling on the company to defer its takeover of Tiffany until January 2021 in response to the US threat of taxes on French products, LVMH said in a statement.

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This is just a deferral

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“What is my perfect crime? I break into Tiffany's at midnight. Do I go for the vault? No, I go for the chandelier.”

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It's a trick, they're going for the chandelier!

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LVMH Pulls Out of Tiffany TakeoverThe luxury-goods giant said it was backing out of the $16.2 billion takeover, claiming that both Tiffany and the French government asked it to delay the acquisition beyond the closing date allowed by the merger agreement. Lawsuit? Uh oh, someone wants that bonus payout You can do better WSJ. Bloomberg was able to include this in their headline: ... in part over a U.S. move to impose tariffs on French goods Drama
Source: WSJ - 🏆 98. / 63 Read more »

LVMH Pulls Out of Tiffany TakeoverThe luxury-goods giant said it was backing out of the $16.2 billion takeover, claiming that both Tiffany and the French government asked it to delay the acquisition beyond the closing date allowed by the merger agreement. Lawsuit? Uh oh, someone wants that bonus payout You can do better WSJ. Bloomberg was able to include this in their headline: ... in part over a U.S. move to impose tariffs on French goods Drama
Source: WSJ - 🏆 98. / 63 Read more »