Tiffany, the American jewelry company, has announced that on December 30 it has called an extraordinary general meeting with its shareholders to approve its sale to Moët Hennessy Louis Vuitton (LVMH).
The New York-based company will celebrate the meeting with its shareholders electronically, with the aim of submitting your transfer to the French multinational LVMH. The new agreement between both entities implies a reduction of 2.6% of the amount initially agreed. Therefore, the luxury company will buy Tiffany for 13,402 million euros.
The initial amount that the leading luxury multinational put on the table were 13,590 million euros (16,200 million dollars). Thus, both companies accepted the change of ownership of the American jewelry chain. However, after economic crisis produced by the pandemic forced LVMH to seek a reduction in the agreed amount. The price went from being $ 135 per share at $ 131.50, down 2.6%. This is how both companies agreed last October for fear of ending up in court.
Regarding the extraordinary meeting, Tiffany has stated: "Due to public health concerns surrounding Covid-19 and to prioritize the health and well-being of its employees, shareholders and other members of the community, the company will carry out the special meeting in a virtual meeting format. You will not be able to physically attend the meeting”.
. (tagsToTranslate) Tiffany (t) will hold (t) meeting (t) shareholders (t) to (t) consider (t) sale (t) LVMH (t) Category: All (t) Category: Market Report (t) Category : Pulsos (t) Category: Sectorial: Retail Trade