A Delaware Chancery Court judge on Monday agreed to speed up Tiffany & Co’s lawsuit against French luxury goods company LVMH for attempting to back out of its $ 16 billion deal to acquire the U.S. jeweler.
Vice Chancellor Joseph Slights said he will commence a four-day trial beginning January 5, 2021
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Slights said he hoped both Tiffany and LVMH could have “productive discussions to avoid the need for litigation,” referring to a possible settlement.
The US jeweler had pushed for a November trial before the November 24 deadline. The French luxury goods conglomerate advocated a process that should begin in March or April next year.
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The decision marks the first time Slights has pondered the broken deal, the most famous of a series of abandoned transactions following the COVID-19 pandemic.
LVMH’s acquisition of Tiffany was successful in September after the owner of Louis Vuitton declared the purchase could no longer be completed, citing French government intervention and the US jeweler’s ailing performance.
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