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rdf:type	schema:NewsArticle
schema:articleBody	French luxury goods conglomerate LVMH said Thursday it would not exploit weakness in the share price of its US takeover target Tiffany to pick up stock in the iconic jewellers on the cheap. In a deal worth $16.2 billion agreed at the end of last year, the French luxury giant promised to buy the legendary US brand at $135 per share -- the industry's biggest takeover ever and hailed by analysts at the time as a promising expansion for LVMH into a thriving US market. But since then the coronavirus pandemic has hit the US economy hard and ongoing race-related unrest has added to the uncertain outlook for the luxury sector. Following a report that LVMH might walk away from the deal, Tiffany's share price dropped well below the offer price, closing at $114.24 on Wall Street on Wednesday. On Thursday, LVMH promised it would not be buying Tiffany stock in the open market where the price now reflects shareholder expectations that the deal will likely fall through. "Considering the recent market rumors, LVMH confirms, on this occasion, that it is not considering buying Tiffany shares on the market," it said. At a meeting Tuesday, the LVMH board had "notably focused its attention on the development of the pandemic and its potential impact on the results and perspectives of Tiffany & Co with respect to the agreement that links the two groups", it said. LVMH did not say, however, whether it still stood by its offer. Fashion publication Women's Wear Daily reported earlier that LVMH was reevaluating the deal, citing people familiar with the matter. LVMH, which owns Louis Vuitton, Bulgari and Dior, also has concerns about Tiffany's debt level, it said. The company has not communicated its current thinking to Tiffany, banking sources told AFP this week. Some analysts say LVMH may lower its offer price for Tiffany to reflect the new circumstances. The deal was originally due to close by mid-2020. kd-jh/bmm
schema:headline	LVMH vows not to pick up Tiffany shares on the cheap
schema:mentions	Bulgari Media conglomerate Tiffany Darwish Agence France-Presse Louis Vuitton French language Pandemic Takeover Target Tiffany & Co. Outlook Media Luxury goods Christian Dior (fashion house) LVMH Mark Roebuck
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-06-04 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	69 (xsd:integer)

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