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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.

Go deeper

10 mins ago - Health

U.S. exceeds 100,000 COVID-related hospitalizations for the first time

People wait outside the Emergency room of the Garfield Medical Center in Monterey Park, California on Dec 1. Photo: Frederic J. Brown/Getty Images

More than 100,200 Americans were hospitalized as of Wednesday due to the coronavirus for the first time since the outbreak began in early 2020, per the COVID Tracking Project.

The big picture: The milestone comes as health officials anticipated cases to surge due to holiday travel and gatherings. The impact of the holiday remains notable, as many states across the country are only reporting partial data.

4 hours ago - Science

The "war on nature"

A resident stands on his roof as the Blue Ridge Fire burned back in October in Chino Hills, Calif. Photo: Jae C. Hong/AP

Apocalyptic weather is the new normal because humans are "waging war on nature," the UN declared on Wednesday.

What they're saying: "The state of the planet is broken," said UN Secretary-General António Guterres, reports AP. “This is suicidal.”

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: Nursing homes are still getting pummeledU.S. could hit herd immunity by end of summer 2021 if Americans embrace virus vaccines, Fauci says.
  2. Politics: Pelosi, Schumer call on McConnell to adopt bipartisan $900B stimulus framework.
  3. World: U.K. clears Pfizer-BioNTech vaccine for mass rollout — Putin says Russia will begin large-scale vaccination next week.
  4. Business: Investors are finally starting to take their money out of safe-haven Treasuries.
  5. Sports: The end of COVID’s grip on sports may be in sight.