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LVMH calls Tiffany’s prospects ‘dismal’ as war of words escalates

October 1, 2020

By Sarah White and Jessica DiNapoli

PARIS/NEW YORK (Reuters) – A war of words between LVMH and Tiffany escalated on Tuesday with the French group describing Tiffany’s prospects as “dismal” and the U.S. jeweller accusing LVMH of improperly trying to renegotiate a takeover deal.

The Louis Vuitton owner’s $16 billion purchase of Tiffany <TIF.N> came close to collapse this month after LVMH <LVMH.PA> said it could not complete the deal by a Nov. 24 deadline, triggering a legal battle.

LVMH cited an official foreign ministry request to delay closing the deal to January, following trade tensions with the United States and worsening business conditions at Tiffany because of the coronavirus emergency.

Tiffany, in turn, sued LVMH in a Delaware court, accusing it of deliberately stalling completion of the deal, which was agreed last year before the pandemic emerged. It is seeking a court order to force LVMH to honour the

LVMH Calls Tiffany’s Prospects ‘Dismal’ as War of Words Escalates | Investing News

September 30, 2020

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By Sarah White and Jessica DiNapoli

PARIS/NEW YORK (Reuters) – A war of words between LVMH and Tiffany escalated on Tuesday with the French group describing Tiffany’s prospects as “dismal” and the U.S. jeweller accusing LVMH of improperly trying to renegotiate a takeover deal.

The Louis Vuitton owner’s $16 billion purchase of Tiffany

came close to collapse this month after LVMH

said it could not complete the deal by a Nov. 24 deadline, triggering a legal battle.

LVMH cited an official foreign ministry request to delay closing the deal to January, following trade tensions with the United States and worsening business conditions at Tiffany because of the coronavirus emergency.

Tiffany, in turn, sued LVMH in a Delaware court, accusing it of deliberately stalling completion of the deal, which was agreed last year before the pandemic emerged. It is seeking a court order to force LVMH to honour the original deal

LVMH files countersuit against Tiffany over $16.2 B deal

September 29, 2020

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Anne D’innocenzio, Ap Retail Writer

Updated

10:46 am CDT, Tuesday, September 29, 2020

FILE – In this Nov. 25, 2019 file photo, the logo of Tiffany & Co. is pictured on the Champs Elysees avenue in Paris. Luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE has filed a countersuit Monday, Sept. 28, 2020, against Tiffany over their ruined merger deal, noting conditions necessary to close the $14.5 billion acquisition of the jewelry chain have not been met. less

FILE – In this Nov. 25, 2019 file photo, the logo of Tiffany & Co. is pictured on the Champs Elysees avenue in Paris. Luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE has filed a countersuit Monday, … more

Photo: Michel Euler, AP

FILE – In this Nov. 25, 2019 file photo, the logo of Tiffany & Co. is pictured on the Champs Elysees avenue in Paris. Luxury conglomerate LVMH Moët Hennessy

LVMH has countersued Tiffany over the firms’ $16 billion merger, accusing the jeweler of financial mismanagement

September 29, 2020

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a sign on an awning on the side of a building: Chesnot/Getty Images

© Chesnot/Getty Images
Chesnot/Getty Images

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

LVMH Countersues Tiffany, Claiming ‘Mismanagement’ Scuppered Deal

September 29, 2020

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LVMH walked away from its $16.2 billion offer to buy Tiffany this month after claiming... — LVMH walked away from its $16.2 billion offer to buy Tiffany this month after claiming a series of poor decisions by Tiffany’s board since the deal was unveiled late last year

Johannes EISELE

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French behemoth LVMH said Tuesday that it had filed a countersuit against the American jewellery brand Tiffany, setting up an unusual legal fight after the collapse of one of the biggest luxury takeover bids in decades.

LVMH walked away from its $16.2 billion offer this month after claiming a series of poor decisions by Tiffany’s board since the deal was unveiled late last year.

It also cited a letter from the French foreign ministry that purportedly asked for a delay to the tie-up because of political uncertainties caused by the long-running trade war between the EU and Washington.

Tiffany rubbished the claims and sued to force LVMH to go through with its bid, and a

LVMH Countersues Tiffany Over Canceled $16 Billion Buyout

September 28, 2020

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(Bloomberg) — LVMH countersued Tiffany & Co. weeks after pulling out of its $16 billion purchase of the iconic New York-based jeweler, saying the decision was driven by the French government’s request to delay the deal’s closing and Tiffany’s mismanagement during the pandemic.

a sign above a store window: Tiffany & Co. Luxury Jewellery Stores As LVMH Abandons $16 Billion Deal Over U.S. Tarrifs

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Tiffany & Co. Luxury Jewellery Stores As LVMH Abandons $16 Billion Deal Over U.S. Tarrifs

The maker of Louis Vuitton bags and Moet & Chandon Champagne contends Tiffany’s business was devastated by the coronavirus outbreak and that provides proper grounds to nix the buyout, according to a filing Monday in Delaware Chancery Court.

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Tiffany sued LVMH earlier this month to force it to go forward with the deal, saying in a court filing that LVMH is trying to use the pandemic-induced downturn in the luxury sector to negotiate a lower acquisition price.

In its counterclaims, LVMH also cited a letter from French Foreign

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LVMH walked away from its $16.2 billion offer to buy Tiffany this month after claiming a series of poor decisions by Tiffany’s board since the deal was unveiled late last year