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But no breakfast at Tiffany's: The French luxury group LVMH is questioning the $ 16 billion takeover of the US jeweler
Photo: imago stock / imago / Cinema Publishers Collection
After a series of incidents that could affect the takeover, LVMH does not see itself in a position from today's perspective to carry out the acquisition as planned, the group announced on Wednesday in Paris.
The LVMH board of directors had previously met to review the proposed investment in the wake of recent developments, it said.
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In a first reaction, Tiffany announced that LVMH would be sued and that the takeover would be enforced.
With an agreed $ 16.2 billion, it would be the most expensive deal in the history of the French company.
Louis Vuitton owner LVMH announced that it had been asked by the French Foreign Ministry to postpone the takeover of Tiffany beyond January 6, 2021, as additional US tariffs on French products threatened.
The LVMH board of directors has decided to adhere to the terms of the original merger agreement, according to which the deal must be completed by November 24.
"As things stand now, the group would not be able to take over Tiffany."
la / dpa / reuters