. LVMH 'is not considering buying Tiffany shares on the market.'
LVMH Moët Hennessy Louis Vuitton said Thursday “it is not considering buying Tiffany shares on the market,” squelching speculation it could take advantage of a sharp drop in Tiffany’s value in recent days.However, it confirmed a WWD report that the board of the luxury giant met to review its $16.2 billion offer for Tiffany & Co. in light of a deteriorating situation in the U.S. market, Tiffany’s largest.
WWD broke the news on June 2 that the luxury sector’s biggest deal ever was looking a lot less certain following the gathering. The outpouring of anger over racial injustice in America has prompted widespread demonstrations and also looting and property destruction in many cities, scuttling attempts to get the economy moving again.In addition, these sources said, LVMH board members voiced concerns about Tiffany’s ability to cover all its debt covenants at the end of the transaction, which was expected to be concluded mid-year.The Americas region — which includes the U.S.
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LVMH has explored coronavirus impact on Tiffany deal termsLVMH 's board met this week to discuss the fallout from the coronavirus crisis on its $16.2 billion purchase of U.S. jeweller Tiffany , the luxury goods group said on Thursday, opening the door to a possible attempt to review the deal terms.
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LVMH says not considering buying Tiffany stockLVMH Moet Hennessy Louis Vuitton SE said Thursday that it isn't considering buying shares in Tiffany & Co. on the open market. The French company said its board met on Tuesday to discuss the impact of the coronavirus pandemic on Tiffany and the agreement between the companies. Shares in the U.S. company fell sharply on Tuesday after media reports that the roughly $16 billion takeover offer made by the French luxury company now looked uncertain.
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LVMH-Tiffany Deal Seen as Uncertain: SourcesThe board of the luxury giant met in Paris specifically to discuss the proposed deal amid a deteriorating situation in the U.S. market.
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Tiffany Stock Plunges 9% After Report That LVMH Deal Could Fall ThroughTrading was briefly halted as the jeweler's stock fell.
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LVMH says not considering buying Tiffany stockLVMH Moet Hennessy Louis Vuitton SE said Thursday that it isn't considering buying shares in Tiffany & Co. on the open market. The French company said its board met on Tuesday to discuss the impact of the coronavirus pandemic on Tiffany and the agreement between the companies. Shares in the U.S. company fell sharply on Tuesday after media reports that the roughly $16 billion takeover offer made by the French luxury company now looked uncertain.
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