Holding LVMH Moet Hennessy-Louis Vuitton (LVMH) reported that on Monday, September 28, filed a counterclaim against Tiffany in a Delaware court over a failed merger agreement between the two companies.
The French holding and the American jewelry house agreed to merge in November 2019. The parties signed the agreement under which LVMH had to pay $ 16.2 billion for Tiffany. However, in September this year, the French side refused to terminate the agreement, explaining its decision by “a complex set of the circumstances.”
Then the company brought, but only two of them – the request from the French Foreign Ministry to postpone the agreement until January 2021 due to the possible introduction of import duties on French luxury goods by the US authorities, and the request from Tiffany herself to postpone the agreement from November 24 to December 31, 2020.
Tiffany found LVMH’s arguments unconvincing. The American jewelry house filed the lawsuit in the court of Delaware state on the same day, September 10. The company insists that the request of the French Foreign Ministry has no legal force, therefore to refuse the agreement on this basis is illegal. In addition, Tiffany accuses LVMH of deliberately delaying the process of obtaining the necessary documentation and obtaining the permission of antitrust authorities to force the American company to review the terms of the agreement. Through the court, Tiffany seeks enforcement of the agreements on the agreement in up to 24 November.
At the same time, on September 10, LVMH promised to file the counterclaim in the Delaware court, which was done on Monday, September 28. The French holding company still insists that the request of the French Foreign Ministry made the completion of the agreement impossible. However, contrary to Tiffany’s opinion, the company did everything possible to obtain regulatory approval in time: eight out of ten permits had already been obtained, and two more were to be received from the European Commission and the Taiwanese authorities before the deadline for closing the agreement. Herewith, the French holding company accused Tiffany of ineffective management and breach of its obligations “to conduct business as usual and to keep its commercial organizations largely intact”, and also noted that the agreement between the companies does not specify the COVID-19 pandemic as the significant negative factor.
While the lawsuit is being conducted by the American company: The U.S. court granted Tiffany’s request to expedite (4 days) LVMH’s lawsuit, while the defendant suggested considering the matter in the usual manner, which could take several months.
The Northern District Court of California ordered Telegram to pay almost $ 625 000 in legal costs to the startup Lantah LLC. The company has a dispute with this startup over the Gram brand. In May 2018, Telegram filed a lawsuit against Lantah, accusing it of violating the rights to the Gram trademark. In June, […]
Revenue of French LVMH Moet Hennessy – Louis Vuitton for the first three quarters of this year fell by 21% year on year and amounted to 30.348 billion euros, according to the company’s report. The strongest decline in revenue in this period was recorded in the section “selective retail trade” and “watches and jewelry” – […]
Antimonopoly regulator of EU approved the agreement of 16.2 billion euro merger with French group for the production of luxury goods LVMH (Louis Vuitton Moet Hennessy) and transnational jewelry company Tiffany. This was reported by Reuters. According to the information, the merger agreement was approved without additional conditions for the companies. Earlier, Tiffany reported that […]
According to the Investor`s news, in 2020, the volume of transactions worldwide mergers and acquisitions (M & A) totaled $ 1.97 trillion. The publication noted that major transactions between IT-companies account for almost one fifth of the total. According to the global data provider and stock market infrastructure Refinitiv, the volume of the deals of […]
The multinational jewelry company Tiffany has filed a lawsuit in the court of the state of Delaware (USA) against the French luxury goods manufacturer LVMH (Louis Vuitton Moet Hennessy) for delaying the latest merger process. This was announced on Wednesday by the press service of the jewelry company. According to press service, LVMH group intentionally […]
The position of the richest man in the world, Amazon CEO Jeff Bezos reached $ 199.7 billion, which is a record for a businessman. This was reported on Wednesday by Forbes magazine. The publication noted that during the trading of Amazon shares on Tuesday, the state of Bezos even exceeded the mark of $ 200 […]
The world’s largest producer of alcohol, the British Diageo has initiated arbitration proceedings with the French luxury goods manufacturer LVMH Moet Hennessy – Louis Vuitton SA due to non-payment of dividends in the amount of 181 million euros in 2019. Diageo owns 34% in the joint venture with LVMH for the production of alcoholic beverages […]
Your approach to trading matters. There are times when your trades have more chances to succeed. Try to build your trading plan around the periods with the highest liquidity and make sure to avoid the market in most dangerous times. The Most Suitable Periods Your ability to open and close trades at the best price […]
Next
On the shores of the Black Sea, Radisson Hotel City Centre Odesa opens as Radisson Hotel Group’s 7th hotel in Ukraine in operation and under development. With an excellent location on the famous Derybasivska Street, Radisson Hotel City Centre Odesa unlocks the cosmopolitan city of Odesa, full of architectural styles, international cuisines and beautiful Black […]
Next
Apple has intensified work on its own search service, which will become a competitor to Google, writes the Financial Times, citing interlocutors in the mobile industry. One of the signs of this, the interlocutors called the fact that after updating the iOS operating system, Apple began to show its own search results and provide direct […]
Next
According to the Investor`s news, in 2020, the volume of transactions worldwide mergers and acquisitions (M & A) totaled $ 1.97 trillion. The publication noted that major transactions between IT-companies account for almost one fifth of the total. According to the global data provider and stock market infrastructure Refinitiv, the volume of the deals of […]
Next
The American corporation Google, following other American companies Twitter and Facebook, suspended data requests from the Hong Kong authorities after the new Chinese law entered into force on this autonomous territory. “Last Wednesday when the law went into effect, we suspended any new data requests from the Hong Kong authorities. We will continue to study […]
Next
Deutsche Bank was able to resolve the conflict with the US regulator, agreeing with the charges of tax evasion and taking on the obligation to pay a fine in the amount of $ 95 million. It is reported by financial portal MinFin with reference to the foreign sources. In a statement, the bank’s press secretary […]
Next
The director of a large state enterprise telecommunications, China Telecom was accused by the Chinese government in corruption. In particular, the government accuses the CEO Chang Xiao Bin in the “global misconduct of the party”, – reported on the website of the Chinese government. The Central Disciplinary Commission opened an investigation into the case. It […]
Next
JPMorgan shares increased because of the announcement of financial results for the 2nd quarter ended on June 30. Since the beginning of the year, JPMorgan shares have lost almost 30% because the global COVID-19 pandemic has hit the global economy, and the US Federal Reserve has cut rates to zero greatly reducing the profitability of […]
Next
SpaceX will launch a heavy Falcon 9 launch vehicle into orbit with another batch of 60 Starlink mini-satellites. Spaceflight Now reports on Sunday, March 7. The satellites will launch from the 40th launch complex of the Kennedy Space Center (Florida) on March 9 at 21:55 EST. The launch will be the 21st launch of a […]
Next
Lauffer Group plans to increase investment in its bakeries in Kharkiv to 10 million UAH, – writes the press service of the company. According to the head of the business Lauffer Group in Kharkov, Bogdan Alexandrov, in 2015 the company invested in Kharkiv bakeries 4 million UAH. “Re-equipment of the production was carried out in […]
Next
Shares of Peloton, which rose nearly 346% since the beginning of the year, rose 2% during trading on Friday after the company published the results of the first quarter of fiscal 2021, which ended September 30. Peloton, which went public a little over a year ago, reported earnings per share for the second quarter in […]
Next
The Ministry of Infrastructure has developed a draft order that will allow Ukraine to establish production of hydrogen-powered cars. This was reported on the website of the ministry. It is noted that today in Ukraine there are no requirements for hydrogen transport. These are electric vehicles on hydrogen fuel cells. They run on compressed hydrogen. […]
Next
The Verkhovna Rada adopted a law providing for the possibility of establishing state enterprises Ukrainian aircraft industry joint ventures (JVs) with foreign partners. Law №4809 “On Amendments to Certain Legislative Acts of Ukraine regarding the establishment of conditions for international cooperation entities of aircraft and the development of domestic aircraft” supported 241 MP of the […]
Next
The car manufacturer McLaren has introduced a new sports convertible McLaren 765LT Spider. The sports car is equipped with a 4-liter twin V-8 turbo engine with 755 horsepower and 590 Nm of torque. The car accelerates to 96 km / h in 2.7 seconds. The maximum speed reaches 280 km / h. It is reported […]
Next
The Dow Jones and S&P 500 stocks hit record highs on Tuesday, November 24 amid official news of the transfer of power in the United States and progress in the development of coronavirus vaccines. In particular, the Dow Jones industrial index rose by 1.5% and for the first time in history exceeded 30,000 points. According […]
Next
Today the commercial real estate market is experiencing not its best times. Expectations of both demand and supply growth, and, indirectly, the expectation of economic growth in general are the overall trends of recent years. Current market situation and perspectives Retail turnover for the last year amounted to 1 trillion 159 billion and 271 million […]
Next