Tiffany & Co. in Vienna, Austria, in the most prestigious shopping district in the center of Wien, also called Golden U on Kohlmarkt street Strasse.
Nicolas Economou | NurPhoto | Getty Images
Shareholders in American jewelry Tiffany approved on Wednesday a $ 15.8 billion deal with France’s LVMH, ending a heated dispute between the two luxury retailers that spanned 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 its first offer last year, but as the luxury industry went into crisis due to the Covid-19 pandemic, the company gave up on its promise to close the deal.
LVMH also cited French political intervention to delay the completion of the acquisition until January 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 biggest markets.
LVMH then renegotiated the price of the deal, 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, compared to $ 135 in the original agreement signed last year.