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.
Fred Katayama reports.
LVMH got a lot closer to tying the knot with Tiffany after a year-long acrimonious dispute.
The American jeweler’s shareholders overwhelmingly approved a nearly $16 billion deal with the French conglomerate at a special meeting on Wednesday.
It’s the luxury industry’s biggest deal ever.
It all started late last year when LVMH offered to buy the iconic jeweler known for its pale blue boxes.
But the company led by billionaire Bernard Arnault backed out of its vow to close the deal amid a trade rift between France and the U.S. and as the pandemic slammed the luxury sector.
Tiffany then sued LVMH, seeking to force it to honor the original agreement.
LVMH then renegotiated the deal price, lowering it by $425 million.
Regulators have cleared the deal, and it’s now expected to close early next year.
LVMH shares rose 1% in early trading Wednesday; Tiffany shares barely budged.
U.S. jeweler Tiffany & Co's shareholders on Wednesday approved a $15.8 billion deal with France's LVMH, ending an acrimonious..