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LVMH and Tiffany finally agree on a merger

2020-10-29T15:12:22.317Z

The French luxury goods company LVMH and the New York jeweler Tiffany now want to merge: Tiffany accepts a lower price.



Icon: enlarge

Tiffany's shop in Paris

Photo: STEPHANE DE SAKUTIN / AFP

The US jewelry chain Tiffany and the French luxury goods group LVMH have agreed on new takeover terms.

LVMH is now paying a little less for Tiffany than initially agreed.

This is now $ 131.50 per Tiffany share instead of $ 135.

That is a total of around 425 million dollars less than initially planned.

The agreement ends a dispute between the two companies that broke out after LVMH's initial joint takeover of Tiffany.

After the corona crisis began, the French wanted to call off the takeover.

Both companies covered themselves with allegations.

Tiffany insisted on keeping the agreement.

The ongoing legal disputes at a US court in Delaware are now to be settled, LVMH announced.

The jeweler Tiffany, founded 183 years ago, is known worldwide for its turquoise boxes and for the Hollywood film "Breakfast at Tiffany's".

The LVMH group, led by Bernard Arnault, owns more than 70 luxury brands, including Louis Vuitton, Mo√ęt Chandon and Bulgari.

The acquisition would be the most expensive deal in LVMH's history.

News of the deal made both companies' shares soar.

Tiffany shares rose around one percent, LVMH shares rose around three percent in Paris.

Icon: The mirror

hej / dpa

Source: spiegel

All business articles on 2020-10-29

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