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Tiffany agrees to revised terms on LVMH takeover deal

Last Updated Oct 29, 2020 at 5:14 am MST

FILE - In this Nov. 25, 2019 file photo, people walk past a Tiffany jeweler shop on the Champs Elysees avenue in Paris. LVMH and Tiffany have worked through their differences, with the famous jewelry company agreeing to be purchased by the luxury goods company for slightly less than what they initially agreed on. (AP Photo/Michel Euler, File)

NEW YORK — The largest deal in luxury is back on after New York’s famed jeweler Tiffany agreed to a slightly lower offer from from LVMH in Paris.

LVMH will now pay $131.50 per share for Tiffany’s stock, down from $135 per share, putting the price tag at $15.8 billion, down from $16.2 billion, the companies said Thursday.

LVMH appeared to walk away from the acquisition last month after it said the French government had pushed for a delay to assess the threat of proposed U.S. tariffs.

Rumours that both were still interested in making the deal happen began to surface in recent days.

The buyout has been approved by the boards of both companies, and it’s expected to close early next year.

The Associated Press