LVMH cancels $16 billion deal with Tiffany
The LVMH concern of the French multibillionaire, the richest European Bernard Arnault, cancels the purchase of the American jewelry retailer Tiffany for $16 billion. LVMH said the French government has asked the company to delay the deal until January 6, 2021, citing US plans to impose duties on European goods. Meanwhile, by agreement of the parties, the deal was to be closed by the end of November. On this news, Tiffany's quotes in premarket fell by 14%, LVMH - by 1.4%.