A letter sent to luxury goods group LVMH by the French foreign ministry requesting it delay its $16 billion purchase of U.S. jeweller Tiffany to early January was not binding, a French government source said.
FILE PHOTO: Tiffany & Co. jewelry is displayed in a store in Paris, France, November 25, 2019. REUTERS/Gonzalo Fuentes
The letter, signed by Foreign Minister Jean-Yves Le Drian, urged LVMH to delay the closing of the acquisition from Nov. 24 until Jan. 6, 2021, given the threat of additional U.S. tariffs against French products. The French government source said the letter had a “political value” and was meant to alert LVMH to the risks of pursuing the deal just as France wrangles with the United States over trade tariffs - but it was not binding.
According to a translated version of the letter released by Tiffany, Le Drian urged LVMH to take action at a time when the government was trying to dissuade U.S. authorities from slapping retaliatory tariffs on sectors like luxury goods from January.
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LVMH Calls Off Bid To Buy Tiffany & Co., Jeweler Sues Luxury ConglomerateI am a breaking news reporter for Forbes in London, covering Europe and the U.S. Previously I was a news reporter for HuffPost UK, the Press Association and a night reporter at the Guardian. I studied Social Anthropology at the London School of Economics, where I was a writer and editor for one of the university’s global affairs magazines, the London Globalist. That led me to Goldsmiths, University of London, where I completed my M.A. in Journalism. Got a story? Get in touch at isabel.togohforbes.com, or follow me on Twitter bissieness. I look forward to hearing from you.
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