×
312
Fashion Jobs
NEW BALANCE
Office Administrator (Part Time)
Permanent · Warrington
ARCADIA GROUP
Talent Acquisition Projects Partner
Permanent · LONDON
TOPSHOP TOPMAN
Online Visual Merchandising Manager
Permanent · London
TOPMAN
Buyer (Maternity Cover)
Permanent · London
TK MAXX
Loss Prevention Officer - Bristol
Permanent · Bristol
ARCADIA GROUP
Information Security (Infosec) Officer
Permanent · London
SHISEIDO
Accounts Payable Manager
Permanent · LONDON
TK MAXX
Shift Operations Manager
Permanent · Stoke-on-Trent
SANDRO UK
Senior Sales / Supervisor m/f
Permanent · LONDON
TOPSHOP TOPMAN
Senior Digital Visual Merchandising Manager (Maternity Cover)
Permanent · London
BURTON
Senior Buyer - Tailoring - Maternity Cover
Permanent · LONDON
TOPSHOP TOPMAN
Senior Marketing Manager
Permanent · London
TJX CORPORATE
Information Technology Graduate (2021)
Permanent · WATFORD
SHISEIDO
Bareminerals Account Manager - Hoopers, Wilmslow (Maternity Cover) (37.5)
Permanent · Manchester
SHISEIDO
Bareminerals Account Manager - Debenhams, Winchester (Maternity Cover)
Permanent · Hampshire
SHISEIDO
Bareminerals Account Manager - Debenhams, Ipswich (37.5)
Permanent · Ipswich
REISS
Supervisor
Permanent · ASHFORD
REISS
Assistant Branch Merchendiser
Fixed-term · LONDON
HOMESENSE
Temporary Store Associates - Homesense Nottingham
Fixed-term · Nottingham
SKINSPIRIT UK
Ecommerce Admin Assistant
Internship · GUILDFORD
LEVI'S
Back of House Key Holder 28 Hrs - Temp Contract
Fixed-term · Ellesmere Port
JASON ALEXANDER
Christmas Sales Opportunities - London & Bicester
Temp/seasonal · LONDON
Advertisements
By
Reuters API
Published
Sep 20, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

LVMH says submits disputed Tiffany takeover for EU clearance

By
Reuters API
Published
Sep 20, 2020

LVMH said on Friday it had submitted its troubled takeover of Tiffany , which is now at the centre of a legal dispute between the two groups, for EU approval as it seeks to counter accusations that it deliberately stalled antitrust proceedings.


Reuters


The French group’s $16 billion acquisition of the U.S. jeweller turned sour last week when LVMH said it could no longer complete it due to a request by the French government to delay the closing of the deal and the weakening of Tiffany’s business.

Tiffany responded by suing LVMH in a court in Delaware, seeking to force the French group to honour the deal, which was agreed last year, before the coronavirus pandemic hit the luxury sector hard.

“LVMH confirms that earlier today, immediately after receiving approval to proceed by the European Commission, it has submitted the proposed acquisition of Tiffany for antitrust review, as it has always stated it would do,” it said.

“Eight of the ten requisite antitrust clearances have already been obtained,” it added.

LVMH said it expected to receive approval from the EU and Taiwan - the last two remaining authorities that have yet to clear the deal - “well before” a Nov. 24 deadline to close the takeover.

In its lawsuit, Tiffany accused the French group of delaying its request for antitrust clearance and running out the clock in order to make the deal collapse.

The U.S. group on Friday welcomed the filing of the deal with the EU.

“The speed with which LVMH acted after Tiffany filed its complaint in Delaware only underscores LVMH’s delays and lack of compliance with the merger agreement over the prior months,” it said.

LVMH denies having sought to delay regulatory approval of the takeover. It has in turn accused Tiffany of mismanaging its business during the health emergency -- an allegation which the U.S. group rejects.

The Delaware court meets on Monday to discuss Tiffany’s request to fast-track the case. Tiffany wants a ruling before the Nov. 24 deadline, while LVMH says there is no reason to speed things up and that more time is needed to prepare properly for a complex trial.

© Thomson Reuters 2020 All rights reserved.