LVMH Group And Tiffany & Co. Are Suing Each Other

[RAMROD 117,156]

After much fanfare, LVMH, the world’s largest luxury conglomerate, has announced it will no longer complete its takeover of storied American jeweler Tiffany & Co. “as it stands”, citing in part a threat of tariffs on French goods coming into the U.S., while the jeweler is suing LVMH for a breach of its obligations.

 

But in a statement on Wednesday, LVMH’s board reversed its decision partly based on a letter from the French Foreign Affairs Minister asking the group to delay its acquisition until January 6, 2021, following a threat from the U.S. to impose tariffs on French goods.

 

The group, owned by Europe’s richest person, Bernard Arnault, added that Tiffany requested to extend the merger agreement from November 24 to December 31, 2020.

 

Louis Vuitton owner LVMH said Thursday it intends to file a lawsuit against Tiffany, accusing the luxury jeweler of "dishonesty" and mismanaging the coronavirus crisis. 

The announcement comes a day after LVMH announced it would be scrapping its $16.2 billion acquisition of Tiffany, a deal that would have been the biggest ever in the luxury industry. Tiffany then sued LVMH in Delaware to enforce the agreement. 

LVMH said it was "surprised" by Tiffany's "totally unfounded" lawsuit. 

"LVMH will defend itself vigorously," the company said.

 

 

Full articles:

https://www.cnbc.com/amp/2020/09/10/lvmh-says-it-plans-to-sue-tiffany-over-troubled-merger.html

 

https://www.forbes.com/sites/isabeltogoh/2020/09/09/lvmh-calls-off-bid-to-buy-tiffany--co-jeweler-sues-luxury-conglomerate/amp/

 

https://www.cnbc.com/amp/2020/09/09/lvmh-scraps-16point2-billion-deal-with-tiffany.html

 

 

 

Gaga curse at it again?

[Blastertoyo 22,734]

12 minutes ago, RAMROD said:

Gaga curse at it again?

[Lorde Von Kok 4]

Me working for them