// Tiffany & Co shareholders vote to approve £11.6 billion LVMH takeover
// Over 99% of shareholders voted in favour of the takeover after more than a year of negotiations
// LVMH made the first offer late last year but backed out when the Covid-19 pandemic struck
Tiffany & Co shareholders have voted to approve a $15.8 billion (£11.6 billion) takeover from French luxury fashion giant LVMH after a lengthy courtship.
Over 99 per cent of shareholders voted in favour of the takeover after more than a year of ongoing negotiations between the parties.
Bernard Arnault’s LVMH made the first offer late last year but backed out of the deal when the Covid-19 pandemic began to affect businesses.
LVMH also blamed the French political intervention to delay completing the acquisition until January 6.
This led to Tiffany taking legal action against LVMH to honour the deal.
LVMH then renegotiated the deal price, lowering it by $425 million.
The deal, now cleared by regulators, is expected to close in early 2021.
As agreed in October, LVMH will pay $131.5 per share, down from $135 in the original deal signed late last year.
The takeover marks the biggest deal in LVMH’s history and will give the company a larger presence in the US market and jewellery and watch division.