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  • Luxury giant LVMH said Wednesday it was "not in a position" to go ahead with a $16.2-billion acquisition of storied US jeweller Tiffany, which responded by threatening legal action to force the deal through. LVMH said in its board had decided not to complete the deal after "a succession of events which undermine the acquisition of Tiffany & Co," notably US threats to slap tariffs on French products. The luxury goods giant said it had learned of a letter from the French foreign affairs minister Jean-Yves Le Drian directing it to defer the acquisition in reaction to Washington's threat to levy taxes on French products. It also said that Tiffany had requested an extension to the closing date of the merger. Therefore, "as it stands, LVMH will not be able to complete the acquisition of Tiffany & Co." Tiffany retorted, saying it would sue LVMH for breaching "its obligations relating to obtaining antitrust clearance" for the deal. "We regret having to take this action but LVMH has left us no choice but to commence litigation to protect our company and our shareholders," said board chairman Roger N. Farah, adding that Tiffany was committed to completing the deal. The takeover would have been LVMH's biggest acquisition and would have enabled the group to bolster its presence in the United States, currently its second-largest market. LVMH, which is led by billionaire Bernard Arnault, is the owner of Louis Vuitton, Dior and Moet & Chandon kd/tq/cdw/spm
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  • LVMH pulls out of Tiffany deal
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