US jeweler Tiffany & Co 's shareholders on Wednesday approved a $15.8 billion deal with France's LVMH, ending an acrimonious dispute between the two luxury retailers that had stretched for more than a year. At a virtual special stockholder meeting, more than 99% of votes cast were in favor of the deal. LVMH also cited French political intervention to delay completing the acquisition until Jan. 6, pushing Tiffany into a legal battle in September to force LVMH to honor the deal. LVMH then renegotiated the deal price, lowering it by $425 million. As agreed in October, LVMH will pay $131.5 per share, down from $135 in the original deal signed late last year.

Source: Mint December 30, 2020 15:11 UTC