The deadline for the LVMH Group’s acquisition of Tiffany has expired and will be postponed for another three months

According to people familiar with the matter, the French luxury giant LVMH Group's acquisition of American luxury jeweller Tiffany & Co (Tiffany) could not be completed within the deadline set in the document-August 24, and the two parties still need three months to complete this Transactions.

LVMH Group announced in November last year that it had reached a final agreement with Tiffany to formally acquire Tiffany at a full cash price of $16.2 billion, or $135 per share. This has become the largest acquisition of the LVMH Group so far, and also the largest acquisition in the history of the global jewelry industry.

According to a document submitted by Tiffany to the U.S. Securities and Exchange Commission (SEC) earlier this year, the two parties’ transaction agreement stipulates that August 24, 2020 is the deadline to complete the transaction, but one of the parties can postpone the deadline to 11 this year. On the 24th.

According to sources, Tiffany will postpone the completion date to November 24 in accordance with this clause.

LVMH Group and Tiffany did not comment on this news.

The transaction has not yet been approved by all required regulatory agencies, especially in the European Union.

In June, a person familiar with the matter revealed to Reuters that the LVMH Group discussed at the board of directors whether it should renegotiate with Tiffany to lower the purchase price, partly because the new crown epidemic has affected Tiffany's business. But the LVMH group ultimately decided not to seek renegotiations.

Currently, Tiffany is refurbishing its iconic flagship store at 727 Fifth Avenue in New York, and announced the latest progress on August 24.

In this 10-story building, the top three floors have been office spaces since 1980 and will now be transformed into a new exhibition, event and customer service space. The floor will be surrounded by undulating glass curtain walls, echoing the classic limestone façade of the floors below.

This is the first time Tiffany has disclosed the construction plan of the New York flagship store, and it is also the first large-scale renovation of this building in its 80-year history. The renovation project started last spring and is expected to be completed in the spring of 2022. It will be carried out in cooperation with the famous architectural firm The Office for Metropolitan Architecture (OMA).

Tiffany’s Chief Art Officer Reed Krakoff said: “Tiffany & Co.’s flagship store on Fifth Avenue is arguably one of the most popular and well-known luxury retail locations in the world. Here, many people have documented the importance of their lives. The moment is full of emotions and extraordinary expectations. Tiffany’s newly remodeled flagship store will reflect the future of our brand and commemorate our 183 years of history.”