FILE PHOTO: People walk past a Louis Vuitton store on the Champs-Elysees in Paris, France, September 18, 2020. REUTERS/Charles Platiau
September 21, 2020
BRUSSELS (Reuters) – EU antitrust regulators will decide by Oct. 26 whether to clear French luxury goods giant LVMH’s $16 billion acquisition of U.S. jeweler Tiffany, according to a European Commission filing.
LVMH requested approval for the deal on Monday. The company last Friday said it wanted to counter Tiffany’s accusations that it deliberately stalled antitrust proceedings.
The EU executive can either clear the deal with or without concessions or it can open a four-month long investigation if it has serious concerns.
Both Tiffany and LVMH have started a legal battle regarding the state of the deal.
Earlier this month, LVMH said its board received a letter from the French foreign ministry asking it to delay the acquisition of Tiffany to beyond Jan. 6, 2021, given the threat of additional U.S. tariffs against French products.
(Reporting by Foo Yun Chee, editing by Louise Heavens)