I am a breaking news reporter for Forbes in London, covering Europe and the U.S. Previously I was a news reporter for HuffPost UK, the Press Association and a night reporter at the Guardian. I studied Social Anthropology at the London School of Economics, where I was a writer and editor for one of the university’s global affairs magazines, the London Globalist. That led me to Goldsmiths, University of London, where I completed my M.A. in Journalism. Got a story? Get in touch at isabel.togoh@forbes.com, or follow me on Twitter @bissieness. I look forward to hearing from you.
it will no longer complete its takeover of storied American jeweler Tiffany & Co. “as it stands”, citing in part a threat of tariffs on French goods coming into the U.S., while the jeweler is suing LVMH for a breach of its obligations.
... [+]After much speculation about the deal, French luxury group LVMH agreed to buy Tiffany for a record $16.2 billion last November, adding to its growing portfolio of American brands. But in a statement on Wednesday, LVMH’s board reversed its decision partly based on a letter from the French Foreign Affairs Minister asking the group to delay its acquisition until January 6, 2021, following a threat from the U.S. to impose tariffs on French goods. The group, owned by Europe’s richest person, Bernard Arnault, added that Tiffany requested to extend the merger agreement from November 24 to December 31, 2020. As a result, the Board said it would stick with the original merger agreement and date, and concluded it would not go ahead with the deal as it stands.in Delaware, ordering LVMH to complete the transaction, and rejecting LVMH’s claims that it can sidestep acquisition by accusing Tiffany of breaching the terms of agreement. Tiffany added that it decided to extend the date of the merger agreement to allow LVMH to secure antitrust approval, which it claims the luxury group has still not done in the necessary jurisdictions.13%. That’s how much Tiffany shares were down in pre-market trade on Wednesday, while LVMH shares were down 0.9%.“The Board decided to comply with the Merger Agreement signed in November 2019 which provides, in any event for a closing deadline no later than November 24th, 2020 and officially records that, as it stands, the Group LVMH will therefore not be able to complete the acquisition of Tiffany & Co.”
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