LVMH submits Tiffany deal for approval by European Commission

LVMH confirmed Friday that it has submitted the proposed acquisition of Tiffany for antitrust review, immediately after receiving approval to proceed by the European Commission.

LVMH noted that eight of the ten requisite antitrust clearances have already been obtained.

LVMH expects to receive approval from the European Commission and Taiwan well before the November 24, 2020 Outside Date.

Responding to LVMH's request to delay the Delaware trial for "six or seven months", Tiffany & Co. (TIF) said Wednesday that LVMH's opposition to Tiffany's motion to expedite is the latest attempt to run out the clock to avoid fulfilling its obligations under the merger agreement between them.

Tiffany had urged the court to hold the trial on a timetable that would enable a decision before the November 24 termination date in the merger agreement.

Tiffany had alleged that LVMH was continuing its blatant ongoing efforts to avoid paying the agreed-upon price for Tiffany. LVMH has been grasping at any opportunity to delay and avoid its obligations. It includes excuses for failing to make standard antitrust filings, complaints about the pandemic, and protests that LVMH previously agreed could not be considered as a valid reason to question the transaction.

Tiffany has said it filed its lawsuit in Delaware only after LVMH put out a press release announcing it would not close due to a letter it said it had received from the French government.

It was in November last year that LVMH agreed to buy Tiffany for 135 dollars per share in cash. The transaction had an equity value of approximately 14.7 billion euros or 16.2 billion dollars. Tiffany shareholders approved its proposed acquisition by LVMH in February.(AFP)