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9/17/2020, 8:51 PM (Source: TeleTrader)
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LVMH asked govt for help to back out of Tiffany deal - report

Luxury goods company Moet Hennessy Louis Vuitton SE asked French Finance Minister Bruno Le Maire for help in backing out of its acquisition of American jeweler Tiffany Co, the Wall Street Journal reported on Thursday citing senior government officials.

LVMH's $16.2 billion planned acquisition of Tiffany was halted last week after the French company said it received a letter from French Foreign Minister Jean-Yves Le Drian asking them to abandon the deal as part of US-French negotiations on tax and trade.

"LVMH denies these malicious and completely unfounded accusations," the company said in light of the report.

Breaking the News / JC