Tiffany & Co. in Vienna, Austria, in the most prestigious shopping area in the center of Vienna, also known as the Golden U on Kohlmarkt Strasse.
Nicolas Economou | NurPhoto | Getty Images
Shareholders of U.S. jewelry store Tiffany on Wednesday approved a $ 15.8 billion deal with French LVMH, ending a bitter dispute between the two luxury retailers that had been extending for more than a year.
At a special virtual shareholders ’meeting, more than 99% of the votes cast were in favor of the deal.
LVMH, led by billionaire Bernard Arnault, made the first offer late last year, but as the luxury industry fell into turmoil due to the Covid-19 pandemic, the company withdrew of his promise to close the deal.
LVMH also cited French political intervention to delay the completion of the acquisition until Jan. 6, pushing Tiffany into a legal battle in September to force LVMH to honor the deal.
Tiffany had previously said its sales were improving, citing the recovery in demand in the United States before the holiday season and in China, one of its most important markets.
LVMH then renegotiated the price of the transaction, reducing it by $ 425 million. The deal, now approved by regulators, is expected to close in early 2021.
As agreed in October, LVMH will pay $ 131.5 per share, below the $ 135 of the original agreement signed late last year.