BUSINESS | Tiffany And LVMH Could Patch Things Up With Cut-Price Deal

U.S. jeweler Tiffany & Co and French luxury goods giant LVMH are in talks to settle their dispute over $16 billion takeover at a price slightly lower than that initially agreed, sources familiar with the matter said on Tuesday.

The negotiations were based on a price in the range of $131 – $134 for each Tiffany share, against the $135 price when the deal was first agreed last November.

An agreement at the bottom of the range would save LVMH, led by billionaire businessman Bernard Arnault, about $480 million on the initial $16.2 billion purchase price.

The initial deal ran into trouble last month when the French group said it could no longer complete the transaction by the Nov.24 deadline.

It cited a French intervention preventing it from doing so, but also what it described as the jeweller’s ‘dismal’ performance during the coronavirus crisis.

The two sides are facing off in a Delaware court, with Tiffany seeking to force LVMH to honour the deal. The case is due to be heard in early January.

CNBC earlier reported that the two parties were in indirect talks to settle the dispute.

Both LVMH and Tiffany did not immediately respond to Reuters request for comment.

Tiffany shares rose almost 5% to $128.78 on Tuesday after reports of a potential end to the dispute.

Louis Vuitton owner LVMH agreed last year to buy Tiffany in its biggest acquisition yet, betting it could restore the U.S. jeweller’s luster by investing in stores and new collections.

The deal was designed to boost LVMH’s smallest business, the jewellery and watch division that is already home to Bulgari and Tag Heuer, help it to expand in one of the fastest-growing industry sections and strengthen its U.S. presence.

New York – based Tiffany, founded in 1837 and known for its signature pale blue boxes, retains a resonance as the go-to purveyor of engagement rings that only a handful of rivals can match.

Tiffany also said on Monday that it had received the nod from the European Commission for the deal’s completion, thus clearing all regulatory hurdles.

Russia Will Soon Publish Retaliatory Stop List Of U.S. Citizens – TASS Cites Foreign Ministry

Moscow will soon publish a list of U.S. citizens it will take measures against in response to sanctions imposed on Russians over the case of opposition politician Alexei Navalny, the TASS news agency cited the foreign ministry as saying on Friday. The Kremlin on Wednesday played down the impact of sanctions imposed by the United … More Russia Will Soon Publish Retaliatory Stop List Of U.S. Citizens – TASS Cites Foreign Ministry

Saudi – Led Coalition Says It Downed Four Drones Fired By Houthis Towards Khamis Mushait

The Saudi – led coalition fighting the Houthi group in Yemen said it had destroyed four explosive drones fired towards the Kingdom on Friday, with the Houthis claiming to have launched an attack into southern Saudi Arabia at dawn. The Iran – aligned Houthis have recently stepped up cross – border drone and missile attacks … More Saudi – Led Coalition Says It Downed Four Drones Fired By Houthis Towards Khamis Mushait

Arab Coalition Destroys Explosive – Laden Drone Targeting Saudi Arabia’s Khamis Mushait.

The Arab Coalition intercepted and destroyed an explosive – laden drone launched on Friday by Yemen’s Iran – backed Houthi Militia toward Saudi Arabia’s Khamis Mushait, the official Saudi Press Agency (SPA) reported. Khamis Mushait is a southwestern city home to the King Khalid Air Base. Coalition Spokesperson Colonel Turki al – Maliki said, ‘the … More Arab Coalition Destroys Explosive – Laden Drone Targeting Saudi Arabia’s Khamis Mushait.

Saudi Arabia’s Al-Ula Airport Opens To International Flights After Expansion

Saudi Arabia’s authorities approved the start of receiving international flights at Prince Abdulmajeed bin Abdulaziz Airport in Al-Ula after the completion of its expansion project, the Saudi General Authority of Civil Aviation (GACA) said on Thursday. The airport, which was established in 2011, became the fifth largest airport in the Kingdom, with a total area … More Saudi Arabia’s Al-Ula Airport Opens To International Flights After Expansion

U.S. Urges Saudi Arabia To Give Up Special Developing Nation Status At WTO

The United States called on Saudi Arabia on Wednesday to renounce its special and differential treatment in negotiations at the World Trade Organization (WTO), nothing the G20 member was designed as a high – income country by the World Bank. ‘Saudi Arabia is a wealthy and influential player in the global economy’, Washington said in … More U.S. Urges Saudi Arabia To Give Up Special Developing Nation Status At WTO

Saudi Arabia To Provide Free COVID-19 Vaccines In Pharmacies: Health Minister

Saudi Arabia will provide coronavirus vaccines in pharmacies around the Kingdom for free, the country’s Minister of Health  Dr. Tawfik al – Rabiah told Al Araiya on Wednesday. This comes as part of efforts to expand the ongoing inoculation campaign and facilitate access to vaccine sites, he added. Over 100 vaccine centers have opened around … More Saudi Arabia To Provide Free COVID-19 Vaccines In Pharmacies: Health Minister

BAFTA Announces All British Nominees For EE Rising Star Award

‘One Night In Miami’ actor Kingsley Ben – Adir and ‘The Personal History of David Cooperfield’ actress Morfydd Clark are among this year’s nominees for the EE Rising Star Award, the British Academy of Film and Television Arts (BAFTA) said on Wednesday. The list of five contenders, all British, also includes ‘Rocks’ actress Bukky Bakray, Conrad … More BAFTA Announces All British Nominees For EE Rising Star Award

Loading…

Something went wrong. Please refresh the page and/or try again.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s