The French LVMH's 16.2 billion dollar takeover bid for the American Tiffany, a collateral victim of the trade war between Paris and Washington.
The world leader in luxury on Wednesday announced the abandonment of its plan to acquire the jeweler celebrated in the comedy
Breakfast at Tiffany’s
.
Its board of directors, meeting Friday
"after a succession of events likely to weaken the Tiffany acquisition transaction, noted that as it stands, LVMH would not be able to complete the transaction" ,
according to a press release released Wednesday.
The group refers to a letter sent Monday August 31 by Jean-Yves Le Drian, the Minister of Foreign Affairs, to Bernard Arnault, CEO of LVMH.
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"Not able" to acquire Tiffany "as is", LVMH is sued by the American group
"The American government has decided to introduce new customs duties on certain French products, in particular in the luxury sector, in reaction to the adoption by France of a tax on digital services,"
writes the minister according to the report. English translation made public by Tiffany.
France
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