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9/21, 11:07 AM (Source: TeleTrader)
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LVMH confirms asking EU for Tiffany deal approval

LVMH revealed on Monday that it asked the European Union's antitrust regulators to approve its acquisition of Tiffany & Co.

"Eight out of ten required antitrust approvals have already been obtained. LVMH expects to receive approval from the European Commission and Taiwan by November 24," the luxury goods company said in a press release.

Earlier, it was reported that LVMH was looking to delay or shun the deal to buy Tiffany for $16.2 billion after the French government allegedly wanted to use the acquisition as leverage in its trade negotiations with Washington. The deal was initially supposed to be finalized by mid-2020.

Breaking the News / VP