Louis Vuitton owner LVMH suspends $14.5 billion Tiffany buyout

Tiffany stock price chart

It also charged that Tiffany's lawsuit in the Court of Chancery of the State of DE was "communicated in a misleading way to shareholders and is defamatory".

The luxury conglomerate said in a statement today that Tiffany's performance since the start of the year and its perspectives going forward were "very disappointing".

Shares of the American jewellery giant Tiffany (NYSE: TIF) fell almost 7% on Wednesday after the French luxury fashion giant LVMH (EPA: MC) pulled out of its $16.2 billion acquisition deal.

In a brief statement Thursday, LVMH said it was surprised by the legal action, which it deems "totally unfounded".

LVMH has actually argued it can't complete its acquisition of Tiffany after the French federal government asked for a delay on sealing the deal.

LVMH has said it plans to file a lawsuit against Tiffany & Co to challenge its management during the pandemic crisis, marking the latest twist in the unraveling of the luxury industry's biggest takeover.

Tiffany's market value is now much less than when the deal was signed.

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LVMH also says that Tiffany paid out large dividends while making losses, which has affected its operations and organisation. LVMH agreed to pay $135 a share in the deal, but Tiffany shares were trading at $113.78 as of 10:02 a.m. Thursday.

Tiffany's lawsuit, which was filed on Wednesday in the U.S. state of DE, seeks to force LVMH to honour the original merger agreement and finalise...

LVMH also rebutted Tiffany's allegations that it failed to seek antitrust approval for the deal in key jurisdictions such as the European Union.

Tiffany said in a filing today that the deal completion was still subject to approval from the European competition authorities and the Taiwan Fair Trade Commission.

A source close to the matter told AFP: "All this shows that relations with Tiffany are affected long-term, if not broken altogether".

Shares prices of the two companies were stable Thursday as Tiffany gave up just 0.1 per cent to US$113.91 in late NY trading while LVMH was essentially unchanged at 404.35 euros.

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