National Post (National Edition)
SHAREHOLDERS APPROVE OF SALE OF TIFFANY TO LVMH
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 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 said sales were improving, citing demand recovery in the U.S. ahead of the holiday season and China.