© Reuters. Tiffany & Co. emblem exterior a retailer in Paris
(Reuters) – Tiffany & Co has obtained all regulatory approvals wanted for the completion of its $16 billion acquisition by French luxurious items group LVMH, the U.S. jeweler mentioned on Monday after it obtained a nod from the European Fee.
The approval from the European competitors authorities comes amid a authorized battle between LVMH and Tiffany, with the latter suing the Louis Vuitton proprietor in a Delaware courtroom, alleging that the French firm has intentionally been stalling the completion of the deal.
Tiffany has alleged that LVMH has improperly tried to renegotiate the deal, whereas LVMH has countersued, alleging that the U.S. firm has been mismanaged throughout the COVID-19 pandemic.
Reuters reported earlier this month that the deal was set to realize EU antitrust approval.
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