Louis Vuitton owner LVMH calls off USD 16 Billion deal with Tiffany & Co. after much back and forth 

The luxury French goods giant announced that it would not be acquiring the jewellery giant in what was meant to be one of the biggest business deals ever. Find out more. 
Louis Vuitton owner LVMH calls off USD 16 Billion deal with Tiffany & Co. after much back and forth 
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French luxury house LVMH, the parent company of brands like Louis Vuitton, Dior, Fenty, etc. was all set to acquire Tiffany and Co., the renowned jewellery brand for a whopping 16 Billion USD. On Wednesday, LVMH announced that it was pulling out of the takeover after numerous delays that 'undermined' the deal. 
In return, Tiffany and Co announced that the company would be filing a lawsuit to force the acquisition while also accusing LVMH of just finding an excuse to not pay the price. Tiffany further went on to add that LVMH had also threatened to abandon the deal unless the price was reduced. 

LVMH revealed that the brand had received a letter from the French government asking them to delay the deal to Jan 2021 due to threats of tariffs from the US on French imports. Separately, Tiffany and Co. had requested for the deadline to be pushed to December 31. "As a result of these elements... LVMH will therefore not be able to complete the acquisition of Tiffany and Co," read a statement revealed by the brand. 

Tiffany also released a statement and referred to LVMH as baseless and opportunistic to, "Use the US social justice protests and the COVID-19 pandemic to avoid paying the agreed price."

The transaction that has been unstable for months has come to an end, after news broke in November 2019 that LVMH would be acquiring Tiffany and Co, for 16 billion USD that would be complete by mid-2020. In June, the board of LVMH expressed concerns about whether or not the New York-based jewellery chain would be able to cover all of its debts. 

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