LVMH Files Lawsuit Against Tiffany
10 Settembre 2020 - 2:00PM
Dow Jones News
By Giulia Petroni
LVMH Moet Hennessy Louis Vuitton SE said Thursday that it plans
to countersue U.S. jeweler Tiffany & Co. in Delaware "as a
result of its crisis mismanagement."
The news came a day after the luxury-goods giant said it was
backing out of its $16.2 billion takeover deal for the company.
The French company said it was surprised by Tiffany's legal
action on Wednesday, which it considers to be "totally
unfounded."
LVMH added that its board examined Tiffany's current economic
situation and found its first-half results and outlook for this
year to be "very disappointing and significantly inferior to those
of comparable brands of the LVMH group."
"LVMH will be therefore led to challenge the handling of the
crisis by Tiffany's management and its board of directors," the
company said. It reiterated that the conditions necessary for the
acquisition deal aren't fulfilled.
Moreover, the company said Tiffany failed to follow an ordinary
course of business, particularly by distributing substantial
dividends even though it was loss-making.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
September 10, 2020 07:45 ET (11:45 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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