Tiffany Sues as LVMH Backs Out of $16 Billion Acquisition
The $16 billion acquisition of Tiffany (NYSE: TIF) by LVMH Moet Hennessy Louis Vuitton (OTC: LVMUY) looks dead. The luxury conglomerate says it can't get the deal done by the extended Nov. 24 deadline because the French government is requesting that it delay the purchase until January due to the threat of U.S. tariffs on French goods.
The high-end jeweler, however, says it is not patriotic duty that is keeping LVMH from completing the $16 billion deal, but simple foot-dragging, and Tiffany announced on Wednesday that it is suing LVMH to close the acquisition.
Image source: Tiffany.
Source Fool.com
