French luxury goods giant LVMH and U.S. jewellery chain Tiffany will give themselves another three months to complete their $16.2 bn tie-ups after the deal did not close on the Aug. 24 date set out in deal documents, according to media reports.
Louis Vuitton owner LVMH agreed last year to buy Tiffany in its biggest acquisition yet, betting it could restore the lustre of the U.S. jeweller by investing in spruced-up stores and new collections.
Under the deal terms, Tiffany and LVMH set Aug. 24 as the first deadline to complete, but with the proviso that one of the parties could push back that deadline as far as Nov. 24.
The deal between LVMH and Tiffany has yet to receive the regulatory approvals it requires, in particular from the European Union. Since the acquisition was agreed, LVMH deliberated about whether to renegotiate the deal, in part on the grounds of the impact of the COVID-19 epidemic on Tiffany's business. But in the end, LVMH decided not to seek a re-negotiation.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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