SHAREHOLDERS OK TIFFANY SALE

U.S. jeweller Tiffany & Co's shareholders have approved a Us$15.8-billion deal with France's LVMH, ending a lengthy and acrimonious dispute between the two luxury retailers. At a virtual special stockholder meeting on Wednesday, more than 99 per cent of votes cast were in favour of the deal. Billionaire Bernard Arnault-led LVMH made the first offer late last year, but as the luxury industry slipped into a turmoil due to the COVID-19 pandemic the company backed out from its promise to close 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 honour the deal. Tiffany had earlier said its sales were improving, citing demand recovery in the United States ahead of the holiday season and China.