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Shares of Tiffany (TIF) are down -8.2% pre-market after The Wall Street Journal reported that luxury goods giant LVMH Moët Hennessy Louis Vuitton is backing out of its $16.2 billion takeover.
LVMH claims that "both Tiffany and the French government asked it to delay the acquisition beyond the closing date allowed by the merger agreement".
LVMH said the French foreign ministry had sent it a letter asking the company to delay the acquisition to after Jan. 6, 2021 because of the threat of trade tariffs from the U.S. LVMH said Tiffany asked to