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Illustration: Sarah Grillo/Axios
LVMH and Tiffany & Co. have reconciled, with LVMH now to buy the U.S. jeweler for around $15.8 billion. That's about $425 million lower than the original agreement, signed last November, with the per share price dropping from $135 to $131.50.
Why it matters: This heads off what was shaping up to be a nasty court battle.
The backdrop: LVMH backed out of the merger in September, citing new U.S. tariffs on French luxury goods, with the French government either putting pressure on LVMH or the other way around.
- Tiffany believed LVMH was using the tariffs as cover for its cold feet over pandemic-related sales slowdowns and U.S. racial justice protests.
The bottom line: "A source close to the matter told Reuters on Wednesday that Tiffany had recently approached LVMH with a more conciliatory tone. This source said the worsening pandemic in Europe and the U.S. also played a role in bringing the two sides back to the negotiating table as business conditions deteriorate, and that discussions over Tiffany’s management under LVMH had been left for a later date, " per Reuters.