LVMH not considering buying Tiffany shares

LVMH Moët Hennessy Louis Vuitton said on Thursday that it is not considering buying shares of US jeweller Tiffany on the market.

LVMH agreed to buy Tiffany in November 2019 for $16.2bn.

Tiffany shares have fallen in recent days following reports that the LVMH board met this week to discuss whether the deal should be reconsidered or renegotiated to a lesser summer given the hit the jeweller has taken from the pandemic.

In a very brief statement, LVMH confirmed that its board of directors met on Tuesday to focus on the development of the Covid-19 pandemic and "its potential impact on the results and perspectives of Tiffany & Co, with respect to the agreement that links the two groups".

"Considering the recent market rumours, LVMH confirms, on this occasion, that it is not considering buying Tiffany shares on the market," it said.

Buying Tiffany shares on the market would allow LVMH to reduce its outlay on buying the company.