French Minister of Finance Supports Le Drian’s LVMH - Tiffany Takeover Intervention
French Finance Minister - Bruno Le Maire has publicly supported the country's foreign minister - Jean-Yves Le Drian’s intervention in LVMH’s plans to pause on the acquisition of the famous US jewellery brand - Tiffany.
"Mr Le Drian took the decision which appeared to him to be the right one," Le Maire told France 2 television, pointing out that Le Drian was working to protect French interests in his intervention on the deal.
Last week, LVMH said its board had received a letter from the French foreign ministry, asking it to delay the acquisition of Tiffany to beyond the 6th of January, in order to avoid the threat of additional US tariffs against French products.
The intervention has resulted in a real legal battle between the two luxury giants. Tiffany sued LVMH after the French company said it could not complete the $16 billion takeover of Tiffany due to the French government request. LVMH, in turn, responded by saying it would counter-sue Tiffany for mismanagement during the coronavirus crisis.
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