// Tiffany & Co given fresh regulatory approval for acquisition by LVMH
// The operation is expected to be completed by mid-2020
Tiffany & Co has announced it has received additional regulatory approval for its acquisition by French luxury giant LVMH.
The US jewellery retailer said it expects the operation to be completed by mid-2020.
Last November, Louis Vuitton owner LVMH said it had reached an agreement to acquire Tiffany & Co for approximately €14.7 billion (£13 billion), the biggest acquisition ever undertaken by LVMH.
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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.
However, 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.
In a statement, LVMH said its board of directors met to discuss the proposed deal with attention on the development of the coronavirus pandemic and potential impacts the results and perspectives of Tiffany & Co could have on LVMH.