ZCZC
BFF-29
FRANCE-US-LUXURY-MERGER
LVMH says ‘not in position’ to buy Tiffany
PARIS, Sept 9, 2020 (BSS/AFP) – Luxury giant LVMH said Wednesday it was
“not in a position” to go ahead with a $16.2-billion purchase of storied US
jewellers Tiffany, which responded by threatening legal action to force the
deal through.
In a statement, LVMH said its board had reviewed the deal after “a
succession of events which undermine the acquisition of Tiffany & Co,”
notably US threats to raise taxes on French products which led the group to
conclude it cannot complete the acquisition.
BSS/AFP/IJ/1711 hrs