LVMH cancels $14.5b deal for Tiffany

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14-Sep-2020

Luxury goods giant LVMH is ending its takeover deal of jewelry retailer Tiffany & Co., saying the French government had requested a delay to assess the threat of proposed U.S. tariffs and amid wider industry troubles caused by the pandemic. The Paris-based conglomerate said that both the French government and Tiffany had requested that the closing of the deal be postponed by a few months. The French government, it said, wanted to assess the impact of the possible U.S. tariffs on French goods. As a result, LVMH said, the $14.5 billion deal that was scheduled to close Nov. 24 will be canceled.

 

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