The group of Bernard Arnault, in a press release, indicates to have "taken note with astonishment of the legal action filed against the group by Tiffany in the civil court of Delaware" and considers that "this action is completely unfounded. It is obviously prepared. long-standing by Tiffany and has been communicated in a manner that is misleading for shareholders and defamatory, ”denounces LVMH. 

The luxury giant LVMH will take American justice against the jeweler Tiffany, which he accuses of "bad faith" and of which he points to "the poor financial results", the day after the suspension of their record merger operation at 16.2 billions of dollars.

On Wednesday, Bernard Arnault's group had estimated that it was "no longer able" to buy "the jeweler" as it is, highlighting "a succession of events likely to weaken the acquisition operation of the Tiffany Company ".

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In November, LVMH was about to acquire Tiffany jewelry, "a sleeping beauty"

LVMH accuses Tiffany of "bad faith"

LVMH notably mentioned a letter from the Minister for Europe and Foreign Affairs, Jean-Yves Le Drian, who, in reaction to the threat of taxes on French products formulated by the United States, asked the group to defer the acquisition of Tiffany beyond January 6, 2021.

For its part, Tiffany announced Wednesday that he was suing the world number one in luxury in the United States, accusing him, among other things, of having dragged out regulatory proceedings.

On Thursday, LVMH expressed its "astonishment" at Tiffany's lawsuit, which it deems in a statement "to be completely unfounded. It is obviously long prepared by Tiffany and has been communicated in a deceptive manner for shareholders and defamatory ".

"The conditions necessary for the completion of the Tiffany acquisition are not met"

The luxury giant claims that "the notification in Brussels will take place, as planned, in the coming days and this date is simply the result of the schedule set with the European Commission itself, which Tiffany knows perfectly well. And it is legitimate to think that its authorization will be obtained in October ".

In addition, the group indicates that its Board of Directors "noted that the results (of Tiffany) for the first half and its outlook for the year 2020 are poor, and significantly lower than those of the comparable brands of the LVMH group during the period. ".

Bernard Arnault's group indicates that he will "therefore be called upon to question the management of the crisis by the management of Tiffany and its board of directors."

In conclusion, LVMH "therefore confirms that the conditions necessary for the completion of the Tiffany acquisition are not met".