LVMH-Tiffany is likely to wait until October for the closing. The possible postponement is not due to a modification of the agreements, which provided for the closing of the deal within the first half of 2020. Among the effects of Coronavirus there is, in fact, also that of making meetings of Antitrust authorities of the countries involved in the operation impossible.
The effects of CRV include the postponement of the closing
From Tiffany’s upper floors, they explain that Australia‘s Antitrust Authority, the Australian Foreign Investment Review Board (FIRB), finds delays in processing transactions. FIRB, therefore, requested to extend the legal revision deadline of the agreement from April 8 to October 6. A request that Bernard Arnault, owner of LVMH (pictured), has accepted.
The American OK
According to Reuters, the Securities and Exchange Commission authorised the acquisition of Tiffany by the French luxury giant on March 26, 2020. A draft of the 16.2 billion dollars agreement has been presented in Europe, where preliminary discussions are underway with the European Commission. The deal will also need to be ratified in China and Japan.