On the evening of September 9, according to foreign media reports, the French luxury goods giant LVMH Group announced the termination of the purchase of the American jewelry watch brand Tiffany for $16.2 billion.
The main business of the LVMH Group includes the following five areas: wine and spirits, fashion and leather products, perfume and cosmetics, watches and jewelry, boutique retail.
Tiffany was born in New York, USA in 1837 and is known as the queen of the jewelry industry.
In a public statement, the LVMH Group stated that it has received a letter from the French Ministry of Foreign Affairs requesting that the acquisition of Tiffany be postponed to January 6 next year in response to the crisis of the US government threatening to impose taxes on French goods.
At the same time, LVMH Group stated that it has also received a request from Tiffany, hoping to extend the deadline for the acquisition from the originally scheduled November 20 to December 31, but the negotiation relationship is still deteriorating. The District Court of Laware brought a lawsuit against the LVMH Group.
Previously, LVMH Group CEO Bernard Arnault has been trying to pressure Tiffany to reduce the agreed transaction price of $135 per share.
At the close of trading on September 9, US stocks Tiffany closed down 6.44%, and its market value lost $784 million.
(Edit Zhao Peng)
Editor in charge: [Ji Xiang]