Antimonopoly regulator of the European Union approved the merger of French luxury goods concern LVMH Moet Hennessy Louis Vuitton SE and transnational jewelry company Tiffany. This on Wednesday, October 14, the agency Reuters reported with reference to sources.
According to their information, the merger agreement was approved without additional conditions for the companies. The cost of the upcoming deal will be € 16.2 billion.
Plans to acquire Tiffany & Co. by the French manufacturer became known at the end of November last year. In September, it became known that Louis Vuitton SE will not be able to complete the purchase of Tiffany & Co. under the agreement concluded a year ago.
The first reports about the possible failure of the deal appeared in early June. At that time, LVMH management explained this by the fact that the consequences of the Coronavirus pandemic led to an unstable situation in the U.S. market.
The purchase of Tiffany will be the largest for LVMH after the acquisition of Christian Dior in 2017.