The New York jeweler has agreed to accept a lower purchase price from the French conglomerate, ending a dramatic spat that had threatened to derail theThe companies said in a joint statement on Thursday that they have modified the terms of last year's merger agreement, lowering the price per share that LVMH will pay from $135 to $131.50. The move now values Tiffany at $15.8 billion, $400 million less than the $16.2 billion originally agreed upon. It also ends a legal battle over the deal.
The deal is expected to help LVMH better compete with rival Swiss jewelry seller Richemont by cementing its position in watches and jewelry. Until now, that had been LVMH's"weakest division" by some metrics, according to Luca Solca, a senior research analyst of luxury goods at Bernstein. It also would help the company boost its presence in the United States.
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