MoneyEurope's richest man decided to sue for $ 16...

Europe’s richest man decided to sue for $ 16 billion

The French conglomerate LVMH ( Louis Vuitton Moet Hennessy), owned by the richest man in Europe, Bernard Arnault , has decided to counterclaim the American jewelry brand Tiffany over a $ 16 billion merger. This is stated in a statement by the European company.

LVMH and Tiffany signed a merger agreement back in 2019, according to which the French side had to buy the American brand for $ 16.2 billion. According to the terms of the contract, the deal was to be closed by November 24, 2020. However, on September 9, the European conglomerate announced that it had decided to back down. Tiffany, according to unofficial data, considered such a move an attempt by LVMH to bring down the price. The American brand has filed a lawsuit in a court in the American state of Delaware to force the European company to comply with the terms of the agreement.

LVMH said it was surprised by Tiffany’s decision to sue. The company noted that it studied the current economic situation of the jewelry brand, which turned out to be disappointing. Tiffany failed to cope with the crisis due to the coronavirus pandemic and performed poorly in the first half of 2020. The brand’s indicators for the year will be worse than those of similar companies that are already part of LVMH. Thus, Tiffany did not fulfill the conditions necessary for the completion of the merger, the French conglomerate said.

Stephan Evans
Stephan Evanshttps://www.newsalarms.com/
I'm the Man in charge of News Alarms, but also getting all the reviews up on the website, so you can thank me for all those shining stars – or blame me for a lack of them. I also spend my time working my SEO magic to try and coax the Google Juice to flow in our favor.

Latest news

6 reasons Rome will shine as SiGMA Central Europe’s host city

Birkirkara, Malta, 18th September 2025, ZEX PR WIRE, SiGMA Central Europe will head to Rome for the first time in...

AmiViz participation in CYSEC UAE 2025

Dubai, UAE, 13th September 2025, ZEX PR WIRE, AmiViz is proud to announce its participation in CYSEC UAE 2025,...

Countdown to Forex Expo Dubai 2025 – Your Chance to Take Home the Jetour X70 FL

Just Weeks Away From the Middle East’s Leading Trading Event, Returning October 6–7 at Dubai World Trade Centre Dubai, UAE,...

CYSEC GLOBAL Returns with Its 17th Global Edition of CYSEC UAE to Strengthen the Nation’s Cyber Resilience

Abu Dhabi, UAE, 10th September 2025, ZEX PR WIRE, The stage is set for the 17th Global Edition of CYSEC UAE, the...

Global Crypto Exchange OrangeX.com Secured $20 Million in Second Investment Round

British Virgin Islands, UK, 28th August 2025, ZEX PR WIRE, Following the success of its inaugural fundraising round, Global Crypto...

SiGMA Euro-Med 2025: Where Innovation Meets the Mediterranean

Birkirkara, Malta, 26th August 2025, ZEX PR WIRE, SiGMA Euro-Med returns to Malta from 1st to 3rd September 2025, powered...

Must read

SHHEIKH Token Presale Phase 1 Sells Out in Record Time – Phase 2 Launches at $0.00405

The crypto world is buzzing—and SHHEIKH Token is at...

SenturoPay Goes Live with All-in-One Crypto Spend App and Card Solution

Launch introduces a streamlined platform where users can send,...

MFEV Marathon Success in Serbia: Celebrating Runners, Community, and Charity

MFEV proudly announces the successful conclusion of the MFEV...

Top Cryptos Under $1 to Buy in 2024: Invest Now!

Top Cryptocurrencies to Consider for 2024: Best Picks for...

Must-Grab Crypto Airdrops This August 2024

Get Ready for Exciting Upcoming Crypto Airdrops! Prepare yourself for...

You might also like
Recommended to you