LVMH: brunch at Tiffany's after all?
(CercleFinance.com) - Tiffany announced on Tuesday that it has postponed the date of its merger agreement with French luxury group LVMH, as both groups are still waiting for the green light from several competition authorities.
The US jeweler now says it expects the transaction to be finalised on 24 November, whereas both companies had previously planned to seal their union on 24 August, i.e. yesterday.
It seems that it was Tiffany that requested this postponement until a new deadline set in three months (...) for reasons that were not disclosed, Invest Securities said.
Meanwhile, Kiplink Finance says that the 16.2 billion euro deal was thwarted by the onset of the Covid-19 epidemic.
In a financial notice sent to the SEC, the US stockmarket regulator, Tiffany simply points out that the planned merger is still subject to obtaining approval from competition authorities in Europe, Japan, Mexico and Taiwan.
In pre-market trading, the Tiffany stock was down over 4%, while the LVMH share is currently up 1.2% in Paris.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The US jeweler now says it expects the transaction to be finalised on 24 November, whereas both companies had previously planned to seal their union on 24 August, i.e. yesterday.
It seems that it was Tiffany that requested this postponement until a new deadline set in three months (...) for reasons that were not disclosed, Invest Securities said.
Meanwhile, Kiplink Finance says that the 16.2 billion euro deal was thwarted by the onset of the Covid-19 epidemic.
In a financial notice sent to the SEC, the US stockmarket regulator, Tiffany simply points out that the planned merger is still subject to obtaining approval from competition authorities in Europe, Japan, Mexico and Taiwan.
In pre-market trading, the Tiffany stock was down over 4%, while the LVMH share is currently up 1.2% in Paris.
Copyright (c) 2020 CercleFinance.com. All rights reserved.