EU REVIEWS LVMH-TIFFANY PACT

LVMH said that it has submitted its proposed US$16-billion deal to buy Tiffany & Co. to the European Commission for antitrust review as the luxury-goods giant tries to show it is making a good-faith effort even while trying to back out of the acquisition. LVMH said it took the latest step “as it has always stated it would do,” and that eight of 10 antitrust clearances have been obtained. The French company also said it expects to get approval ahead of the Nov. 24 deadline to close the deal. Tiffany is “delighted” with the filing, it said. The filing comes in response to Tiffany's claims that LVMH was trying to delay the deal by being slow to obtain regulatory approvals across several jurisdictions, including the EU. After LVMH said this month it would pull out of the deal due in part to a trade dispute between the U.S. and France, Tiffany sued to keep the pact on track.