Benzinga | Sep 9, 2020 06:22AM EDT

LVMH Group Says Would Not Be Able To Complete Transaction To Acquire Tiffany & Co.

LVMH PR (Translated)

REG-LVMH: Press release - GlobeNewswire

09-Sep-2020 06:11:20 AMParis, September 9, 2020After a succession of events likely to weaken the transaction to acquire Tiffany & Co, the LVMH Board of Directors met to study the situation of the planned investment in light of recent developments.The Board thus took note of a letter from the Minister for Europe and Foreign Affairs who, in reaction to the threat of taxes on French products formulated by the United States, asked the LVMH group to defer the acquisition of Tiffany beyond January 6, 2021. The Board also took note of Tiffany's request to extend the deadline for completing the agreement from November 24, 2020 to December 31, 2020.Taking into account these elements, and taking note of the first legal analyzes carried out by the councils and the teams of LVMH, the Board of Directors has decided to adhere to the terms of the Agreement and Plan of Merger concluded in November 2019 which provides for a deadline for the closing of the transaction no later than November 24, 2020 and noted that as it stands, the LVMH Group would therefore not be able to complete the transaction to acquire Tiffany & Co