LVMH said it was 'not in a position' to buy Tiffany , according to a press release issued after its board of directors meeting. – AFPPIXLuxury products giant LVMH called off its planned US$16.2 billion acquisition of US jeweller Tiffany today and the sparkling tie-up threatened to become a bitter legal battle.
LVMH – which is led by billionaire Bernard Arnault and owns brands such as Louis Vuitton, Dior and Moet & Chandon – spent more than a month wooing Tiffany, one of the world's most famous jewelry houses, known for its wedding rings and diamonds. Arnault had described Tiffany as"an emblematic brand, an American icon that will become a little bit French."
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