News, Culture & Society

Tiffany shareholders back £11.7bn takeover by Louis Vuitton-owner LVMH

Tiffany shareholders back US jewellers £11.7bn takeover by Louis Vuitton-owner LVMH

Tiffany shareholders have overwhelmingly backed an £11.7billion takeover by France’s LVMH.

More than 99 per cent of votes cast at a one-off meeting were in favour of the deal.

The vote has brought to an end more than a year of acrimonious disputes and price quarrels over the merger of two of the biggest names in the luxury world.

Gift wrapped: More than 99 per cent of Tiffany shareholders backed an £11.7bn takeover by France’s LVMH

Louis Vuitton-owner LVMH, which is led by billionaire Bernard Arnault, tabled an offer for the US jeweller late last year. 

But as Covid hit and battered the industry, LVMH backed out of the deal.

Tiffany, known for its famous robin’s egg-blue boxes, later launched legal action and the pair eventually agreed to knock more than £310million off the offer price.

Tiffany sales are improving in China, the company has said, and it also saw a boost in the US in the run-up to Christmas.

Read more at DailyMail.co.uk