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LVMH Confirms Not Considering Buying Tiffany Shares On Market

Responding to market speculation, LVMH Moet Hennessy Louis Vuitton (LVMHF.PK,LVMUY.PK) confirmed Thursday that it is not considering buying Tiffany & Co. (TIF) shares on the market.

The French luxury products maker said its Board of Directors, in a meeting on June 2, notably focused its attention on the development of the pandemic and its potential impact on the results and perspectives of Tiffany with respect to the agreement that links the two groups.

It was in November last year that LVMH agreed to buy the jeweler for $135 per share in cash. The transaction had an equity value of approximately 14.7 billion euros or $16.2 billion. Tiffany shareholders approved its proposed acquisition by LVMH in February.

Amid the outbreak of Covid-19, Bloomberg reported in mid-March that LVMH was then considering to buy Tiffany shares on the open market. Responding to this, LVMH had said it would not buy Tiffany shares on the open market.

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