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.

The "Mighty Mice" Mission is a Success: What Should You Know
EMILY GERMAIN-LEE: That would be a miracle for a person either with primary bone disease, primary muscle disease or a combination. A third group of mice which received a compound that inhibits the protein saw an increase in muscle mass and bone density.

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.

Related News:



Most liked

Android 11’s audio output picker will soon support showing Google Cast devices
Android 11 Go Edition also supports gesture-based navigation, leaving more screen real estate for apps to take advantage of. Android 11 (Go Edition ) is set to launch in October, and it will be available for devices with up to 2GB of RAM.

AstraZeneca resumes United Kingdom trials of COVID-19 vaccine halted by patient illness
The vaccine trial at Astra Zeneca and the University of Oxford is one of nine trials that have progressed to the final stages of human trials.

French PM rules out new lockdown to contain COVID-19 resurgence
The announcement comes after infection clusters emerged across the country since schools were reopened on September 1. He told the meeting: "We need to be as transparent and clear as possible".

Frank Lampard could be without five players for trip to Brighton
I wasn't able to bring in players I felt might be helpful for the way I wanted to go and the style I wanted to play. Indeed, Mount's father, Tony, has already come out and denied German reports describing him as unsettled.

Trump nominated for Nobel Peace Prize following UAE-Israeli occupation agreement
He also failed to mention the president's track record of stoking racial tensions and spreading lies and misinformation . Any Norwegian politician can submit a nomination for the award to the committee as long as they do so by February 1.

Oscars: Best Picture Contenders Must Meet Inclusion Requirements by 2024
The Oscars set out four "standards" which it hopes will boost representation and inclusion both in front of and behind the camera. The guidelines were developed by a task force led by academy governors DeVon Franklin and Jim Gianopulos .

Wonder Woman 1984 Is Pushed Back Once Again to December
Warner Bros., which released Tenet to decidedly average box office numbers and reviews, also has its DC films to think of. Warner Bros . has postponed the release of Wonder Woman 1984 to December.

Students in Hunterdon Schools Welcome First Day of School
In a statement on their website, they say the delay is because of "complexities of the staffing and time table process". Anyone can read Conversations, but to contribute, you should be registered Torstar account holder.

Student with coronavirus gives baffling excuse for '20-person' house party
After running the student's licence, the officer steps out of his vehicle . "Yeah, that's why I'm at my house", the student says. On Thursday, WOIO reports , the police cited six people who were at the house party just a few days ago.

Birmingham tightens restrictions as 'relentless' virus 'R' rate rises
Of these, 65% demonstrated no symptoms of COVID-19 either at the time of the test or in the preceding week. Infection levels were high throughout England but especially in the Northeast, Northwest and Yorkshire.

Android 11 Go is great news for budget smartphones
Google on Thursday announced the Android 11 (Go Edition ) featuring enhancements to application launches , privacy and usability. Finally, all messaging notifications in Android 11 Go Edition will showcase in a dedicated space within the notification shade.

Netflix Defends ‘Cuties’ as ‘Social Commentary Against the Sexualization of Young Children’
Last month, the streaming giant apologized after a poster promoting the movie was accused of sexualizing its young cast. This is where our culture is at.

West Coast grapples with world's worst air quality as deadly wildfires rage
In most parts of the state, red flag warnings of extreme fire danger because of hot, dry weather or gusty winds were lifted. More than 1 million hectares had been burned across the whole state so far, a Cal Fire spokesman said on Thursday.

Ancelotti: Everton are aiming for top spot
We have this desire, this ambition. "I am here to learn, focus on what I need to do and play well". The England man has not kept a clean sheet in his eight top-flight appearances against Spurs.

CPL 2020, Trinbago Knight Riders crowned champions: Records broken
The wicket slowed down the scoring rate for the Zouks, as they added just 11 runs in the next two overs. Najibullah then carried the fight for Zouks as no one else reached double figures.