Tiffany Sues LVMH for Backing Out of $16 Billion Deal
- U.S. jeweler seeks to keep purchase agreement on track
- Luxury giant says French government sought deal delay
The luxury industry’s biggest takeover is unraveling as LVMH moved to call off a $16 billion purchase of Tiffany & Co., which countered with a lawsuit to try to keep the deal on track.
The Louis Vuitton owner said the French government requested that it delay the deal for reasons related to a U.S.-France trade dispute. Tiffany said that LVMH was trying to leverage the protests against police brutality and the Covid-19 pandemic to seek a lower price.