Edition:
India

-LVMH Says It Filed Countersuit Against Tiffany


Tuesday, 29 Sep 2020 

Sept 29 (Reuters) - LVMH Moet Hennessy Louis Vuitton SE ::REG-LVMH FILES COUNTERSUIT AGAINST TIFFANY. THE CONDITIONS TO CLOSE THE ACQUISITION ARE NOT MET..LVMH CONTINUES TO HAVE FULL CONFIDENCE IN ITS POSITION THAT CONDITIONS NECESSARY TO CLOSE ACQUISITION OF TIFFANY HAVE NOT BEEN MET.CONFIRMS IT HAS FULLY MET ITS OBLIGATIONS UNDER MERGER AGREEMENT, INCLUDING UPHOLDING ITS COMMITMENT TO USE ITS REASONABLE BEST EFFORTS TO OBTAIN ALL REGULATORY CLEARANCES AS TRANSPARENTLY AND PROMPTLY AS PRACTICABLE..A LETTER LVMH RECEIVED FROM MINISTER OF EUROPE AND FOREIGN AFFAIRS IN FRANCE MAKES IT IMPOSSIBLE TO CLOSE TRANSACTION WITH TIFFANY BEFORE OUTSIDE DATE.LVMH CONFIRMS IT HAS FULLY MET ITS OBLIGATIONS UNDER MERGER AGREEMENT.LVMH EXPECTS TO RECEIVE APPROVAL FROM EUROPEAN COMMISSION IN OCTOBER AND TAIWAN WELL BEFORE OUTSIDE DATE.HAVE CONFIDENCE IN ITS POSITION THAT THE SPURIOUS ARGUMENTS PUT FORWARD BY TIFFANY ARE COMPLETELY UNFOUNDED..