Tiffany & Co. in Vienna, Austria in the most prestigious shopping area in the center of Vienna, also called the Golden U on Kohlmarkt street Strasse.
Nicolas Economou | NurPhoto | Getty Images
Shareholders of US jeweler Tiffany approved a $ 15.8 billion deal with French LVMH on Wednesday, ending a bitter dispute between the two luxury retailers that has lasted more than a year.
At a virtual special shareholders’ meeting, more than 99% of the votes cast were in favor of the deal.
LVMH, led by billionaire Bernard Arnault, made the first offer late last year, but when the luxury industry went into turmoil as a result of the Covid-19 pandemic, the company pulled out of its promise to close the deal. Close.
LVMH also cited French political intervention to delay completion of the acquisition until January 6, leading Tiffany to enter a legal battle in September to force LVMH to honor the deal.
Tiffany had previously said sales were improving, citing the recovery in demand in the United States ahead of the holiday season and in China, one of the largest markets.
LVMH then renegotiated the deal price and lowered it by $ 425 million. The deal, now approved by regulators, is expected to close in early 2021.
As agreed in October, LVMH will pay $ 131.5 per share, compared to $ 135 in the original deal signed late last year.