LVMH has countersued Tiffany over the firms’ $16 billion merger, accusing the jeweler of financial mismanagement
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- LVMH countersued Tiffany on Monday, and said it remains confident that it can walk away from its $16 billion takeover of the US jeweler.
- Tiffany breached the agreement by paying out the highest possible dividends during the pandemic, French luxury goods conglomerate LVMH claimed in the countersuit.
- A letter to LVMH from the French government also made it “impossible” to close the deal before the deadline, it added.
- But Tiffany called the counterclaims “baseless and misleading,” and claims that LVMH breached the merger agreement.
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French luxury goods giant LVMH countersued Tiffany & Co on Monday, and still has “full confidence” it can walk away from a proposed $16 billion merger because of the US jeweler’s financial mismanagement during the pandemic, it said in a statement on Tuesday.
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LVMH said that Tiffany didn’t consider the risk of