Paris (AFP)
The finalization of the takeover of Tiffany by LVMH is scheduled for January 7, announced Thursday morning the world leader in luxury, while the merger project has experienced many ups and downs in recent months.
"The finalization of the operation is scheduled for Thursday, January 7, 2021", indicates the LVMH press release, the day after the green light given by the shareholders of the American jeweler for this record acquisition in the luxury industry.
"Tiffany & Co shareholders voted by a very large majority in favor of the amended merger agreement announced on October 29, 2020, relating to the proposed acquisition of Tiffany by LVMH, at an extraordinary meeting of Tiffany which 'is held yesterday ", welcomed the group of Bernard Arnault.
"The finalization of the operation is scheduled for Thursday, January 7, 2021", specifies the group which owns some 70 luxury houses including Louis Vuitton, Dior, Hennessy, Sephora or Dom Pérignon.
About 99% of the shareholders of the famous New York jeweler voted in favor of this union, which will come at a price of 15.8 billion dollars, against 16.2 billion initially: after an engagement broken in September, LVMH and Tiffany had made peace at the end of October and decided to relaunch their engagement, but at a lower price.
This green light was the last step to be taken before the marriage was finalized, LVMH having already obtained the authorizations of the competition authorities.
The jeweler will be withdrawn from the New York Stock Exchange, but LVMH has not yet said how it plans to transform Tiffany, who has suffered in recent years from competition from jewelers prized by young millennials (17-34 years).
© 2020 AFP