Tiffany-LVMH deal clears regulatory hurdles with EU nod

Tiffany & Co has received all regulatory approvals needed for the completion of its USD16 billion acquisition by French luxury goods group LVMH, the U.S. jeweller said on Monday, October 26, 2020, after it received a nod from the European Commission.

The approval from the European competition authorities comes amid a legal battle between LVMH and Tiffany, with the latter suing the Louis Vuitton owner in a Delaware court, alleging that the French company has deliberately been stalling the completion of the deal.

Tiffany has alleged that LVMH has improperly tried to renegotiate the deal, while LVMH has countersued, alleging that the U.S. company has been mismanaged during the COVID-19 pandemic.

Reuters reported earlier this month that the deal was set to gain EU antitrust approval.