Report: LVMH Delays $16.2 Billion Tiffany Buy
LVMH, owner of global luxury brands including Louis Vuitton, Christian Dior, Sephora and Fendi, has delayed the $16.2 billion acquisition of Tiffany.
According to IDEX Online, the deal, which was supposed to be concluded on August 24, has now been pushed to November 24 since LVMH is now seeking a price reduction. Reportedly, LVMH chief executive Bernard Arnault has “sought ways to lower Tiffany’s cash price of $135-a-share”.
In a recent interview, LVMH said it still plans to honor the $16.2 billion acquisition of Tiffany. LVMH’s chief financial officer Jean-Jacques Guiony said: “Tiffany’s results are clearly affected by the crisis. That said, we have signed a contract and we will respect it”.