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Deals

Tiffany-LVMH deal clears regulatory hurdles with EU nod

FILE PHOTO: A Tiffany & Co. logo is seen outside a store in Paris, France, September 18, 2020. REUTERS/Charles Platiau

(Reuters) - Tiffany & Co has received all regulatory approvals needed for the completion of its $16 billion acquisition by French luxury goods group LVMH, the U.S. jeweler said on Monday after it received a nod from the European Commission.

The approval from the European competition authorities comes amid a legal battle between LVMH and Tiffany, with the latter suing the Louis Vuitton owner in a Delaware court, alleging that the French company has deliberately been stalling the completion of the deal.

Tiffany has alleged that LVMH has improperly tried to renegotiate the deal, while LVMH has countersued, alleging that the U.S. company has been mismanaged during the COVID-19 pandemic.

Reuters reported earlier this month that the deal was set to gain EU antitrust approval.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel

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