// LVMH and Tiffany & Co extend deadline to complete £12.41 billion deal
// The acquisition did not close on August 24 – the date set out in deal documents
Louis Vuitton owner LVMH and US jewellery retailer Tiffany & Co have extended the deadline to complete their $16.2 billion (£12.41 billion) deal after the acquisition did not close on August 24 – the date set out in deal documents.
The deal was agreed upon last year as LVMH was set to make its biggest acquisition yet as it eyed Tiffany & Co.
The August 24 date was set as the first deadline to complete the deal, but the opportunity to extend the deal to November 24 was on offer, according to a Tiffany & Co filing to the US Securities and Exchange Commission submitted earlier this year.
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The deal between LVMH and Tiffany & Co has yet to receive the regulatory approvals it requires, in particular from the European Union.
In early June, LVMH took a u-turn on its proposed €14.7 billion (£13 billion) takeover of Tiffany & Co, confirming it would no longer purchase its shares on the open market.
“Considering the recent market rumors, LVMH confirms, on this occasion, that it is not
considering buying Tiffany shares on the market,” LVMH said at the time.
However, Tiffany & Co announced the following week that it received additional regulatory approval for its acquisition 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 US jewellery retailer said it expects the operation to be completed by mid-2020 at the time.