NEW YORK/PARIS: U.S. jeweler Tiffany & Co has agreed with LVMH to slightly lower the price of its acquisition by the French luxury goods group, in a move set to end a legal dispute between the two, sources familiar with the matter said on Wednesday.
The initial deal ran into trouble last month when the French group 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 U.S. tariffs on French products, and also what it described as the jeweller's"dismal" performance during the coronavirus crisis.
Some analysts said they were baffled by the fact that LVMH appeared to have gone to great lengths to achieve what seemed a small discount to the original deal, although one source said LVMH would save on potentially costly legal fees by ending the dispute now.
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