Business
LVMH drops $22 billion Tiffany takeover, setting stage for legal battle – Sydney Morning Herald
The deal, which would have been the biggest-ever in the luxury industry, had raised questions about whether the French luxury goods giant was overpaying.
Paris: French luxury goods giant LVMH said it would walk away from its planned $US16 billion ($22 billion) takeover of US jeweler Tiffany & Co, in the most high-profile example of a deal to face collapse following the COVID-19 pandemic.
The stage is set for an acrimonious dispute; Tiffany said it was filing a lawsuit against LVMH to force it to complete the deal as agreed last year, accusing the French group of deliberately stalling completion of the takeover.
Tiffany & Co said LVMH wa…
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