[ad_1]
A Tiffany & Co. logo is found in a window at the company’s luxury jewelry store on the Champs-Elysees in Paris, France.
Photographer: Cyril Marcilhacy / Bloomberg
Photographer: Cyril Marcilhacy / Bloomberg
Every morning we deliver world news that you want to follow up on before starting your day. Click here to subscribe to the Bloomberg newsletter.
Moet Hennessy Louis Vuitton, a group of French luxury brands, is preparing to withdraw the acquisition of Tiffany, an American jewelry brand.LVMH) President Bernard Arnaud has requested the cooperation of the French government, said one of the people familiar with government policy.
LVMH on day 9Two people familiar with the matter said the move to do so was started by Arnaud, France’s biggest millionaire, who announced the withdrawal of the Tiffany acquisition.
An agreement was reached in November last year for LVMH to buy Tiffany for $ 16 billion (about 1.7 trillion yen). However, due to the lockdown (city lockdown) caused by the spread of the new corona virus infection, stores around the world were forced to close, and foreign travel was restricted and demand for items from luxury was affected, so the acquisition was fulfilled. Difficulties arose.
The company cited a letter from French Chancellor Ludrian, who cited trade conflicts with the United States as one of the reasons for the withdrawal of the acquisition. But Arnaud worked personally with the government to track the progress of those talks, one of the people said.
Arnaud initially asked the Ministry of Economy and Finance for help, but was denied and asked the Ministry of Foreign Affairs for help.
A spokesman for the French presidential office, the Ministry of Economy and Finance and LVMH declined to comment. The Foreign Ministry has also requested comments, but so far no response has been received.
LVMH CFO Jean-Jacques Guiony (CFO) responded to a question at a meeting on the 9th asking the government if the company asked for cooperation: “Just kidding. Seriously, we got the letter. No I want to answer that question. “
Original title:LVMH’s Arnault leaned on the French government to get out of the Tiffany deal （抜 粋）
