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Tiffany gets regulatory nod from Japan, Mexico for troubled LVMH deal

FILE PHOTO: People walk past a Tiffany & Co. store in the Manhattan borough of New York City, New York, U.S., September 10, 2020. REUTERS/Carlo Allegri

(Reuters) - Tiffany & Co TIF.N has received regulatory approvals from the Japan Fair Trade Commission and the Mexican competition authority for its contentious $16 billion(12.51 billion pounds) acquisition by luxury goods group LVMH LVMH.PA, the U.S. jeweler said on Friday.

Earlier this week, Tiffany sued LVMH after the French company said it could not complete the deal due to a French government request, as well as the impact of the coronavirus outbreak.

Tiffany said in a filing on Friday the deal completion was still subject to approval from the European competition authorities and the Taiwan Fair Trade Commission. (bit.ly/2Fw34Cg)

On Thursday, the Louis Vuitton brand owner said it would file its requests for approval to European authorities in the coming days, and expected to win approval in October.

A source close to the matter told Reuters that the filing would take place next week.

LVMH has said it would sue Tiffany for its handling of the coronavirus pandemic and to refute accusations it was trying to deliberately bow out of the deal.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila

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