The shareholders of the American jeweler Tiffany, gathered in an extraordinary general meeting, approved the merger with the French luxury giant LVMH on Wednesday 99%.
After months of legal and political twists and turns, this record operation in the luxury industry will be definitively validated on January 7.
At such a price, twists and turns were inevitable, but this time it's done!
The very chic American jeweler Tiffany will be able to be bought by the French LVMH.
The shareholders validated it on Wednesday at an extraordinary general meeting.
Amount of the transaction: 13 billion euros, which allows the global luxury giant to save around 350 million euros.
This is the biggest acquisition ever made by LVMH: Tiffany and its 300 stores around the world.
The shareholders sealed the union on Wednesday, 99% of them voted for the marriage.
But to get there, there were some ups and downs.
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Wednesday's extraordinary general meeting indeed marks the end of a long diplomatic financial soap opera against a backdrop of coronavirus and trade disputes between France and the United States.
Bernard Arnault therefore definitely gets his hands on this American gem.
A long-standing goal.
"Tiffany, a myth for Americans but also a world myth"
"Tiffany is a myth, a myth for Americans but it is also a world myth", said the boss of LVMH in November 2019 on Europe 1. "The little blue box is something that makes you dream And besides, Tiffany is the only brand in the world that owns a color, Tiffany blue. It's a business that needs to improve even further in the long term. "
After an engagement broken off in September, LVMH and Tiffany had made peace at the end of October and decided to relaunch their engagement, but at a lower price.
The main challenge to last now: to transform the Tiffany brand, victim in recent years of competition from other jewelers popular with young people.
LVMH buyout of Tiffany is scheduled for January 7