Willy-nilly, will LVMH buy the American Tiffany?
While things had been happening for several months, the group's position seems to be changing.
"
After a succession of events likely to weaken the transaction to acquire Tiffany
", LVMH convened its board of directors on Wednesday.
At the end of this meeting, the global luxury giant announced that it was not "
in a position
" to carry out the operation "
as is
".
Without specifying whether it is a new postponement or an outright abandonment.
Read also: "LVMH is resisting Covid-19 thanks to the strength of its major brands"
At the end of August, the two parties had indeed already postponed by three months, to the end of November, the deadline for completing their merger, a record amount of 16.2 billion dollars.
But the business takes a new turn today, and the takeover seems threatened.
The American jeweler said just minutes after that he would retaliate by attacking LVMH in court, in order to force it to complete the transaction and respect the terms of the agreement signed between the parties.
LVMH, which has not yet responded to the threat of an attack from Tiffany, also indicates that it has "
taken note of a letter from the Minister for Europe and Foreign Affairs (Jean-Yves Le Drian, Editor's note) who, in reaction to the threat of taxes on French products formulated by the United States, asks the LVMH group to defer the acquisition of Tiffany beyond January 6, 2021
”.
"
The Board of Directors also took note of Tiffany's request to extend the deadline for completing the agreement from November 24, 2020 to December 31, 2020
".
To read also: Bernard Arnault: "Tiffany, it is an icon of America which becomes a little French"
But he says he has "
decided to stick to the terms
" of the agreement concluded in November 2019, providing for a deadline for the closing of the operation no later than November 24, 2020.
