LVMH Files Countersuit Against Tiffany Over $16 Billion Deal

DUBLIN, Oct. 2, 2020 /PRNewswire/ -- ResearchAndMarkets.com published a new article on the luxury goods industry "LVMH Files Countersuit Against Tiffany Over $16 Billion Deal"

Louis Vuitton owner LVMH announced this week that it has filed a countersuit against Tiffany in an attempt to pull out of the planned $16.2 billion takeover that would have been the biggest ever in the luxury industry. The announcement is the latest development in the legal battle between the two companies since LVMH announced in early September that it would be unable to complete the takeover as the necessary conditions to close the acquisition had not been met.

In response, Tiffany immediately filed a lawsuit in the US to enforce the deal on agreed terms by the end of November, alleging that LVMH had failed to secure regulatory approval for the deal in Europe and refuting suggestions that Tiffany had breached its obligations under the takeover agreement. The countersuit which was filed on Monday, argues that LVMH is entitled to pull out of the deal on the grounds that the coronavirus crisis has caused a material adverse effect on the company. The suit also alleges that Tiffany's mismanagement of its business constitutes a breach of its obligation to operate in the ordinary course.

To see the full article and a list of related reports on the market, visit LVMH Files Countersuit Against Tiffany Over $16 Billion Deal"

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