A Delaware Chancellery court judge on Monday agreed to speed up Tiffany & Co’s lawsuit against French luxury goods conglomerate LVMH for trying to back out of its $ 16 billion deal to acquire the American jeweler .
Vice Chancellor Joseph Slights has said he will hold a four-day trial starting Jan.5, 2021, after the Nov. 24 deadline for reaching the largest luxury merger deal, but before antitrust approvals don’t start to expire.
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Slights said he hoped Tiffany and LVMH could have “productive discussions to avoid the need for lawsuits,” referring to a possible settlement.
The American jeweler had pushed for a trial in November ahead of the November 24 deadline. The French luxury conglomerate has pleaded for a trial starting in March or April next year.
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The move is the first time Slights weighs in on the broken deal, the most publicized in a series of deals abandoned in the wake of the COVID-19 pandemic.
LVMH’s acquisition of Tiffany hit the rocks in September after the owner of Louis Vuitton said he could no longer complete the purchase, citing French government intervention and the US jeweler’s declining performance.
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