What's new

Welcome to Metatrader MT4 and MT5 Gpl Authority

Join us now to get access to all our Codebase MT4 and MT5 Free Paid Download. MetaTrader is a free application for traders allowing to perform technical analysis and trading operations in the Forex and exchange markets.

Add Codebase

Add Codebase to Our Community

Answer

Answer Questions and Become an Expert on Your Topic

Contact Staff

Our Experts are Ready to Answer your Questions

Tiffany Shareholders Approve $15.8 Billion Takeover by LVMH, Ending Acrimonious Dispute

N

News Feed

Moderator
Staff member
Joined
Aug 4, 2020
Messages
11,258
Reaction score
0
Points
0


Image source: Tiffany

(Reuters) - U.S. jeweler Tiffany & Co’s shareholders on Wednesday approved a $15.8 billion deal with France’s LVMH, ending an acrimonious dispute between the two luxury retailers that had stretched for more than a year.

At a virtual special stockholder meeting, more than 99% of votes cast were in favor of the deal.

Billionaire Bernard Arnault-led LVMH made the first offer late last year, but as the luxury industry slipped into a turmoil due to the COVID-19 pandemic the company backed out from its promise to close the deal.

LVMH also cited French political intervention to delay completing the acquisition until Jan. 6, pushing Tiffany into a legal battle in September to force LVMH to honor the deal.

Tiffany had earlier said its sales were improving, citing demand recovery in the United States ahead of the holiday season and China, one of its biggest markets.

LVMH then renegotiated the deal price, lowering it by $425 million. The deal, now cleared by regulators, is expected to close in early 2021.

As agreed in October, LVMH will pay $131.50 per share, down from $135.00 in the original deal signed late last year.

Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila and Arun Koyyur.

_____

Source:
You do not have permission to view link Log in or register now.
 
shape1
shape2
shape3
shape4
shape7
shape8
Top