Moët Hennessy Louis Vuitton (LVMH) stated it has submitted its proposed acquisition of Tiffany & Co. to the European Commission for antitrust review, in a move that appeared calculated to deprive the American jeweler of some of its ammunition in the pending lawsuit over the deal, reported Yahoo News.
LVMH stated earlier this month it could not go through with the US$16.2 billion acquisition, the largest in the history of the luxury sector, because the French government had asked it to delay the closing in light of an ongoing trade spat with Washington.
In a lawsuit filed in Delaware Chancery Court, Tiffany accused LVMH of slow-walking the regulatory approval of the agreement in the European Union. LVMH countered that it was working through the regulatory approvals and also stated it was disappointed in how Tiffany was managed during the coronavirus crisis.
“LVMH confirms that earlier today, immediately after receiving approval to proceed by the European Commission, it has submitted the proposed acquisition of Tiffany for antitrust review, as it has always stated it would do,” the luxury group said in a statement late on Friday, September 18.
Full Content: Yahoo
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.