Tiffany gets EU antitrust approval for LVMH deal

Tiffany gets EU antitrust approval for LVMH deal

Tiffany & Co. logo outside a store in Paris
A Tiffany & Co logo is seen outside a store in Paris, France, Sep 18, 2020. (Photo: REUTERS/Charles Platiau)

NEW YORK: Tiffany & Co has received all regulatory approvals needed for the completion of its US$16 billion acquisition by French luxury goods group LVMH, the US jeweller said on Monday after it received a nod from the European Commission.

The approval from the European competition authorities comes amid a legal battle between LVMH and Tiffany, with the latter suing the Louis Vuitton owner in a Delaware court, alleging that the French company has deliberately been stalling the completion of the deal.

Tiffany has alleged that LVMH has improperly tried to renegotiate the deal, while LVMH has countersued, alleging that the US company has been mismanaged during the COVID-19 pandemic.

Reuters reported earlier this month that the deal was set to gain EU antitrust approval.

Source: Reuters