Por Foo Yun Chee
BRUSSELS, Oct 14 (Reuters) – French luxury goods group LVMH is set to win EU antitrust approval for the acquisition of US jewelery Tiffany, people familiar with the matter said.
The EU decision comes amid a legal battle between LVMH and Tiffany, which is suing the Louis Vuitton owner in a court in Delaware, United States, alleging that it has been deliberately holding back the finalization of the deal.
Tiffany has alleged that LVMH has improperly attempted to renegotiate the agreement, which was reached in November last year before the COVID-19 pandemic emerged and affected countries and companies around the world.
LVMH has in turn sued Tiffany, claiming that the American company has been mismanaged during the COVID-19 pandemic.
The European Commission, which is scheduled to decide on the deal before October 26, declined to comment. LVMH and Tiffany did not immediately respond to a request for comment.
The two companies have several overlaps in some areas, but they are not severe enough to raise concerns about competition, the people said.
The US Foreign Investment Committee and antitrust authorities in Australia, Canada, China and South Korea have already given the deal the green light.
(Reporting by Foo Yun Chee; additional reporting by Silvia Aloisi in Milan and Aishwarya Venugopal in Bangalore; edited in Spanish by Benjamín Mejías Valencia)