The supercar manufacturer McLaren is planning to sell and lease back its Norman Foster-designed headquarters in Surrey as it seeks to shore up its balance sheet after the coronavirus pandemic triggered a slump in sales.
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.
Shares fell when US stock markets reopened after Labor Day while all major US markets were in the red Tuesday morning
Tesla’s share price crashed again on Tuesday as investors soured on the high-flying electric car company and the tech sector in general.
The company’s shares fell 17% when US stock markets reopened after the Labor Day holiday. The fall came amid a broader sell-off on the tech-heavy Nasdaq stock market, which dropped close to 3% in morning trading following similar falls last week.