Tiffany, LVMH push back takeover deal after missing deadline

Tiffany & Co (NYSE:TIF) and LVMH have reportedly pushed back completion of their takeover deal by three months after missing an August 24 deadline initially set out in the documents. The US$16.2bn deal could now be completed as late as November, according to Reuters. LVMH, the owner of upscale luxury brands such as Louis Vuitton, Fendi, Christian Dior and Givenchy, agreed last year to acquire the New York-based jeweller in hopes to restore the lustre of the brand. The French luxury giant had mulled a renegotiation of the deal amid the coronavirus crisis but then decided to press ahead on the same terms. The takeover deal still needs to be approved by all the relevant authorities, such as the European Union.