Benzinga | Aug 24, 2020 03:05PM EDT

'LVMH and Tiffany push back deal deadline by 3 months: source' -Reuters

NEW YORK/PARIS, Aug 24 (Reuters) - French luxury goods giant LVMH LVMH.PA and U.S. jewellery chain Tiffany TIF.N will give themselves another three months to complete their $16.2 billion tie-up after the deal did not close on the Aug. 24 date set out in deal documents, a source familiar with the discussions said.

Louis Vuitton owner LVMH agreed last year to buy Tiffany in its biggest acquisition yet, betting it could restore the lustre of the U.S. jeweller by investing in spruced-up stores and new collections.