In this news, we discuss the Tiffany-LVMH deal clears regulatory hurdles with EU nod.
(Reuters) – Tiffany & Co has received all the regulatory approvals needed to complete its $ 16 billion acquisition by French luxury goods group LVMH, the US jeweler said on Monday after receiving a nod from the European Commission.
European competition authorities’ approval comes amid a legal battle between LVMH and Tiffany, the latter taking the Louis Vuitton owner to court in Delaware, alleging the French company deliberately blocked the deal .
Tiffany alleged that LVMH made a poor attempt to renegotiate the deal, while LVMH retaliated, alleging that the American company was mismanaged during the COVID-19 pandemic.
Reuters reported earlier this month that the deal needs to get antitrust approval from the EU.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel
Original © Thomson Reuters