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LVMH says submits disputed Tiffany takeover for EU clearance

Credit: REUTERS/ERIC GAILLARD

LVMH said on Friday it had submitted its troubled takeover of Tiffany, which is now at the centre of a legal dispute between the two groups, for EU approval as it seeks to counter accusations that it deliberately stalled antitrust proceedings.

PARIS, Sept 18 (Reuters) - LVMH said on Friday it had submitted its troubled takeover of Tiffany TIF.N, which is now at the centre of a legal dispute between the two groups, for EU approval as it seeks to counter accusations that it deliberately stalled antitrust proceedings.

Tiffany sued LVMH last week after the French group said it could no longer complete the planned purchase of the U.S. jeweller due to a request by the French government to delay the closing of the deal and the weakening of Tiffany's business.

"LVMH confirms that earlier today, immediately after receiving approval to proceed by the European Commission, it has submitted the proposed acquisition of Tiffany for antitrust review, as it has always stated it would do," it said.

"Eight of the ten requisite antitrust clearances have already been obtained," it added.

LVMH said it expected to receive approval from the EU and Taiwan - the last two remaining authorities that have yet to clear the deal - "well before" a Nov. 24 deadline to close the takeover.

In its lawsuit, Tiffany accused the French group of delaying its request for antitrust clearance and run out the clock in order to force the deal to collapse.

(Reporting by Silvia Aloisi)

((silvia.aloisi@thomsonreuters.com; +39 02 66129 723; Reuters Messaging: silvia.aloisi.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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