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

September 29, 2020

a sign on an awning on the side of a building: 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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Tag: Mismanagement

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

LVMH Countersues Tiffany, Claiming ‘Mismanagement’ Scuppered Deal

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