Mr. Arnault, upset over Tiffany’s insistence on paying full shareholder dividends before the deal closed, demanded the jeweler lower the deal price by 11%, the people said. Inside LVMH, Mr. Rambourg said, “the products will evolve dramatically. The phrase infuriated Mr. Arnault and LVMH’s management, according to a person familiar with the situation. Mr. Heuzé had previously advised Mr. Arnault in 2017 on a transaction uniting LVMH and fashion house Christian Dior SE. Mr. Effron relayed the message to Mr. Farah, who said, “No thanks.

Source: Mint December 29, 2020 03:45 UTC