Tiffany it has fallen more than 6% on Wall Street this Wednesday. The title suffers after the step back of LVMH, which has acknowledged not being able to finally afford the purchase of the company. In response, Tiffany has filed a lawsuit against the French in a Delaware court for breach of contract.
LMVH hides behind US tariffs to European countries like France and, as such, requests that the purchase transaction be postponed (at least) until January 6, 2021.
From Tiffany they do not give their arm to twist and, at most, they have requested to extend the term of the acquisition until next December 31.
"Taking these elements into account, and having taken note of the legal analyzes carried out by LVMH, the board of directors has decided to adhere to the terms of the November 2019 merger agreement that indicate a deadline for the closing of the transaction of, as a lot, on December 24, 2020, so that, in this way, the LVMH group will not be able to complete the transaction to acquire Tiffany, "the statement from the French company states.
The purchase of Tiffany by LMVH was announced at the end of 2019 And since then it has been constantly delayed and postponed.
. (tagsToTranslate) LVMH (t) will buy (t) Tiffany (t) sinks (t) after (t) sue you (t) breach (t) contract (t) Category: All (t) Category: Market Report (t) Category : Company News (t) Category: Pulsos (t) Category: Market Pulse (t) mostread_empresas (t) mostread_mercados