The suit, filed Monday in Delaware, says that LVMH "continues to have full confidence in its position that the conditions necessary to close the acquisition of Tiffany have not been met."Brendon Thorne/Bloombergsaid Tuesday it had filed a countersuit against Tiffany in a bid to walkaway from the $16.2 billion takeover that would have been the biggest ever in the luxury industry.
The suit, filed Monday in Delaware, says that LVMH "continues to have full confidence in its position that the conditions necessary to close the acquisition of Tiffany have not been met." It adds that the "spurious arguments put forward by Tiffany are completely unfounded." The announcement is the latest in a saga that saw the Louis Vuitton owner scrap the acquisition in early September. In a statement at the time, France's LVMH said that it will not be able to complete the acquisition of Tiffany "as it stands."
The firm cited the threat of U.S. tariffs on French goods and Tiffany's request to extend the deal deadline to the end of the year. Jewelry chain Tiffany immediately filed a lawsuit in Delaware to enforce the agreement, saying the request from the French government had no basis in law.This is a breaking story, please check back later for more.
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