Tiffany sues LVMH for scrapping $16bn takeover

Luxury group says it cannot go ahead with buyout of jeweller, blaming ‘succession of events’

A legal battle has broken out between two of the world’s biggest luxury goods groups after LVMH ditched its planned $16.2bn (£12.5bn) takeover of the New York jeweller Tiffany.

Bernard Arnault’s luxury goods empire, which owns brands such as Louis Vuitton, Dior and Moët & Chandon, said it could not go ahead with the the acquisition because it had been undermined by a “succession of events”. These include an intervention this month by the French government, which had asked for a delay to the deal until 6 January in the wake of a threat by the US government to impose import taxes on French products.

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