LVMH Moet Hennessy MC, -0.53% said it will not be able to complete the previously announced takeover of U.S. luxury goods retailer Tiffany TIF, +0.01% "as it stands." LVMH cited both a letter from the French government asking for a delay in light of the threat of tariffs on French products by the U.S., as well as Tiffany's request to extend the deadline from Nov. 24 to Dec. 31. Tiffany shares slumped 13% in premarket trade, while LVMH was 0.5% lower in Paris.
Tiffany for its part said it filed a lawsuit in Delaware to enforce the acquisition.
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