The French luxury giant has announced that, contrary to the agreements made, it will not complete the acquisition by 24 November. The decision was made at the request of the Ministry of Europe and Foreign Affairs, which asked to postpone the closing of the agreement until after January 6, 2021.
What had already been renamed as one of the most expensive acquisitions ever will not happen for now.
The WWD, the bible of fashion, reported that for now LVMH will not conclude the acquisition of Tiffany & Co., Originally expected by November 24th or one year from the announcement. There was about $ 16.2 billion at stake 14.7 billion euros.
The decision was taken, the group explained, at the request of the Ministry of Europe and Foreign Affairs, which asked to defer the operation until after January 6, 2021, in light of the threat from the US government to apply a package of new taxes on a series of French products.