Luxury giant LVMH is examining the effects of the coronavirus epidemic on Tiffany’s ১ 1.2 billion takeover and says it wants to renegotiate the deal.
The board of directors of the Paris-based company discussed this week how the virus crisis could affect the “results and outlook” related to Tiffany’s companies’ November acquisition deal.
The owner of Louis Vuitton also wanted to dispel rumors that it was considering buying Tiffany stock on the open market, where shares of New York Jewelers have plunged as global cornvirus-ridden retailers. Shares of TVFani closed at 11 114.24 on Wednesday, almost 15 percent below শেয়ার 135 per share that LVMH had agreed to pay.
“Considering recent market rumors, LVMH has confirmed that, on this occasion, they are not considering buying Tiffany’s shares in the market,” the company said in a statement. Statement.
The LVMH agreed to buy Tiffany a few months ago after the coronavirus encouraged the retail industry to force stores around the world to close. Tiffany’s shareholders approved the deal in early February, just weeks before the virus was transmitted to global stock markets.
LVMH chief executive Bernard Arnault is looking for ways to put pressure on Tiffany to bring down her share price in the midst of the epidemic, Reuters reported Wednesday. Tiffany, however, is not convinced that there is a legal basis for reopening the talks because it follows the financial agreements contained in the agreement.
LVMH – whose portfolio includes other Pash brands such as Fendi, Givenchy and Dom Perigon – also said it would not buy Tiffany’s shares in the open market in March, when According to Bloomberg News The company that raised the idea with Tiffany’s board.
Tiffany did not immediately respond to a request for comment Thursday morning.