European Commission clears regulatory approval for LVMH’s $16 billion acquisition of Tiffany & Co.

In a statement, U.S. jeweler Tiffany & Co stated, it has received all required regulatory approvals for the completion of a $16 billion (12.29 billion pounds) acquisition by French luxury goods group LVMH,

The approval from the European competition comes at a time when the two fashion brands are engaged in litigation with Tiffany suing LVMH in a Delaware court alleging that the French company has deliberately been stalling the completion of the deal.

Tiffany has alleged that LVMH has improperly tried to renegotiate the deal, while LVMH has countersued, alleging that the U.S. company has been mismanaged during the COVID-19 pandemic.

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