LVMH says no need to fast-track decision on Tiffany's lawsuit

[PARIS] LVMH said on Thursday it had asked a US court to reject a request by US jeweller Tiffany, which is seeking to fast-track legal proceedings over its troubled US$16 billion acquisition by the French luxury group.

Tiffany sued LVMH earlier this month after the owner of luxury brands such as Louis Vuitton said it could not complete its purchase of the US group, seeking to force LVMH to comply with the terms of the takeover deal agreed last year.

Tiffany asked a court in Delaware, where the case has been filed, to expedite proceedings, as it seeks to have a ruling before a Nov 24 deadline for closing the acquisition.

LVMH in turn says there is no need to fast-track the case.

"Tiffany offers no reason why this court should move mountains," LVMH said in its filing, accusing Tiffany of trying to rush a decision so as to avoid scrutiny of its management of the coronavirus pandemic.

REUTERS

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