Tiffany & Co.'s Shareholders Have Reportedly Approved of LVMH's Takeover
The long and troubled saga between LVMH and Tiffany & Co. has seemingly come to a close. According to reports, the jewelry label's shareholders have voted to approve the deal with 99 percent of shareholders voting in favor of the takeover. The approval comes after a year of back-and-forth negotiations.
After the $15.8 billion is completed, LVMH will add Tiffany & Co. into its umbrella of luxury brands which includes Louis Vuitton, Moët & Chandon, and Hennessy as well as other brands under fashion and accessories, wines and spirits, perfumes and cosmetics, watches and jewelry, and more. The bid is seen to be LVMH's largest purchase ever.
As far as acquisitions go, the dealings between the two luxury giants was complicated—to say the least. News of LVMH's planned acquisition dates back to October 2019. A month later, the news was confirmed in a statement: "the acquisition of Tiffany will strengthen LVMH’s position in jewelry and further increase its presence in the United States."
In September 2020, however, Tiffany & Co. announced that it was suing LVMH for breaching the merger agreement by using delaying tactics and loopholes to get out of the deal. A lot has changed since then... but, all's well that ends well, right?
The news is just the latest of LVMH's string of acquisitions. In 2018, it completed a $3.2 billion transaction with Belmond, a group focused on luxury hotels, restaurants, trains, and river cruises. And in 2017, LVMH purchased a $13 billion stake in Christian Dior.