Money Europe'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.

Stephanie Evanshttps://www.newsalarms.com/
I'm the lady 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

Parents Are Shedding COVID-19-Fueled Weight Gain with Help of Fitness Personality Allegra Paris

The Quarantine 15 is a real reality for so many people around the world today, as people do their...

Angie Lee’s “Pays to Be Brave” Conference Started with a Handful of Attendees. Now it attracts Thousands of Women

You may have heard of Angie Lee by now - her wildly popular podcast, The Angie Lee Show, has...

No Fear: How AD4M Defies the Odds

The COVID-19 pandemic has made victims of company after company and industry after industry. It seems no one is...

ONESHOT KETO IS THE MIRACLE PILL YOU HAVE BEEN WAITING FOR

It is a challenging task for the average person to achieve their ideal body for reasons like a busy...

THE DIET PILL THAT GIVES YOU THE EXTRA PUSH OF HELP TO GET YOUR DREAM BODY

Reaching the ideal weight that you have set for yourself is a long and grueling task that many people...

13 Best File Hosting Websites for Remote Work for Entrepreneurs in 2020

What do you mean by file hosting websites? File hosting websites are internet hosting services that allow users to access,...

Must read

You might also likeRELATED
Recommended to you

%d bloggers like this: