Trbusiness. The travel retail Trbusiness. The magazine for global retail and duty free professionals.LVMH says it is ‘not considering buying Tiffany & Co shares on the market’
By Luke Barras-hill |
LVMH held a Board of Directors meeting on Tuesday to discuss the proposed Tiffany & Co buyout.
LVMH Moët Hennessy Louis Vuitton has revealed it is not entertaining purchasing shares in global luxury jeweller Tiffany & Co.
In a statement issued today (4 June), the Group headed by billionaire businessman Bernard Arnault stated: “The Board of Directors of LVMH Moët Hennessy Louis Vuitton, met on Tuesday, June 2nd, 2020 and notably focused its attention on the development of the pandemic and its potential impact on the results and perspectives of Tiffany & Co with respect to the agreement that links the two groups.
“Considering the recent market rumours, LVMH confirms, on this occasion, that it is not considering buying Tiffany shares on the market.”
Luxury goods conglomerate LVMH announced in November a plan to acquire the global luxury jeweller for $16.2 billion.
The purchase at $135 per share was approved by shareholders in February 2020, but reports surfaced this week casting doubt on the buyout in the face of economic turmoil in the US.
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