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9/29/2020, 8:43 AM (Source: TeleTrader)
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LVMH files countersuit against Tiffany

French luxury goods company LVMH filed a countersuit against American jewelry retailer Tiffany & Co. in a Delaware Chancery Court, it was announced on Tuesday.

LVMH argues that "the conditions necessary to close the acquisition of Tiffany have not been met and that the spurious arguments put forward by Tiffany are completely unfounded." Among these, the company pointed to the "notable" absence of a pandemic carveout, which Tiffany failed to obtain despite receiving carveouts for cyberattacks, the Yellow Vest protests and similar events.

Last month, it was reported that LVMH asked French Finance Minister Bruno Le Maire for help in backing out of its acquisition of the American jeweler.

Breaking the News / JC