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Oct 26 (Reuters) – Tiffany & Co TIF.Nhas acquired all regulatory approvals wanted for the completion of its $16 billion acquisition by French luxurious items group LVMH LVMH.PA, the U.S. jeweler stated on Monday after it acquired a nod from the European Fee.
The approvalfrom the European competitors authorities comes amid a authorized battle between LVMH and Tiffany, with the latter suing the Louis Vuitton proprietor in a Delaware courtroom, alleging that the French firm has intentionally been stalling the completion of the deal.
Tiffany has alleged that LVMH has improperly tried to renegotiate the deal, whereas LVMH has countersued, alleging that the U.S. firm has been mismanaged through the COVID-19 pandemic.
Reuters reported earlier this month that the deal was set to achieve EU antitrust approval.
(Reporting by Aishwarya Venugopal in Bengaluru; Modifying by Maju Samuel)
((Aishwarya.Venugopal@thomsonreuters.com; inside U.S. +1-646-223-8780; exterior U.S. +91 80 6749 2830;))
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