Antitrust regulators have issued the necessary approvals for the deal to buy Tiffany by French luxury goods manufacturer LVMH (Louis Vuitton Moet Hennessy), Reuters reported, citing sources.
In early September, it was reported that the largest merger in the luxury market could fail.
LVMH's board of directors cited Tiffany's request to postpone the closing date of the deal until December 31, as well as an appeal by the French Foreign Ministry, which asked the company to postpone the completion of the purchase until 2021, due to the threat of imposing duties on French goods in the United States.
Thereafter, Tiffany & Co filed a lawsuit against LVMH based on a claim to intentionally obstruct the transaction. According to the American company, the French side did not take the necessary steps to obtain regulatory approval in a timely manner.
LVMH responded by threatening a counterclaim, announcing that the American company had failed to cope with the coronavirus crisis and provided "very disappointing" financial results.
In mid-September, LVMH asked the EU antimonopoly authorities for permission to purchase Tiffany & Co, which it expected to receive by November 24 - by this time the jewelry company demands to close the deal.