Le Maire visiting a plant of manufacturing corporation Bic, on Monday in Montévrain. – AFPPIXFrench Finance Minister Bruno Le Maire said Foreign Minister Jean-Yves Le Drian was within his rights to ask LVMH to postpone a takeover of US jeweller Tiffany, an intervention that threatens to derail the deal.
"Mr Le Drian took the decision which appeared to him to be the right one," Le Maire told France 2 television on Monday, adding that the foreign minister was working to protect French interests in his intervention. LVMH, which owns brands such as Louis Vuitton, denies the allegation. The company, led by billionaire Bernard Arnault, said it would counter-sue Tiffany, accusing it of mismanagement during the health crisis.A judge in Delaware, where Tiffany is registered, scheduled a Sept 21 hearing for the US company to argue for expedited proceedings of its lawsuit seeking to hold LVMH to its proposed merger, according to a Monday court filing.
"Hiding behind the French government is just an excuse for LVMH," said Ion-Marc Valahu, a fund manager at Geneva-based firm Clairinvest.
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