A Tiffany store, in New York on September 10, 2020. -
Anthony Behar / Sipa USA / SIPA
If the engagement between the French luxury giant and the American jeweler was marked by brilliance, the marriage is now well sealed.
Tiffany shareholders approved the takeover by LVMH on Wednesday.
It is even a plebiscite for this union.
Around 99% of the shareholders voted in favor of it at an extraordinary general meeting held in virtual form.
A procedure finalized in early January
This green light was the last step to take before the finalization of the marriage scheduled for early January.
LVMH had already obtained the authorizations of the competition authorities.
In the end, the merger is carried out at a price of 15.8 billion dollars, against 16.2 billion initially planned.
After a broken engagement in September, LVMH and Tiffany made peace at the end of October and decided to unite, but at a lower cost than expected.
The jeweler will be withdrawn from the New York Stock Exchange, but LVMH, owner of prestigious brands (Dior, Louis Vuitton, etc.) has not yet said how he intends to transform Tiffany.
The company has indeed suffered in recent years from competition from jewelers prized by millennials (17-34 years).
Questions also remain about the direction of the group.
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Luxury
Acquisition
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LVMH
Economy