Tiffany given fresh regulatory approval for acquisition by LVMH
On Tuesday, Tiffany & Co. announced it had received additional regulatory approval for its acquisition by French luxury goods giant LVMH, and expects the operation to be completed by mid-2020.
Last November, LVMH reported it had reached an agreement to acquire US jewellery group Tiffany & Co. for approximately €14.7 billion ($16.2 billion), the biggest acquisition ever undertaken by LVMH.
A document sent to the US Securities and Exchange Commission (SEC) indicated that the Fair Trade Commission of South Korea gave the green light to the acquisition on June 12.
The deal still needs the approval of the Australian Foreign Investment Review Board.
Earlier in the month, the LVMH board of directors met to discuss the operation, prompting speculation that Bernard Arnault might be attempting to renegotiate Tiffany’s acquisition price. At the time, LVMH said that it was not considering buying Tiffany shares directly on the market, despite the fact that Tiffany’s share price was declining.
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