Shareholders’ approval of Tiffany sale ends a rocky saga
LVMH clinches deal with a small discount and some bad blood
New York — The holiday blessing that Tiffany shareholders gave to sell the storied jeweller to LVMH pushes the contentious transaction closer to the finish line, giving billionaire Bernard Arnault the long-sought pathway to expand his global collection of luxury brands.
Tiffany will be dropped from Standard & Poor’s 500 Index now that the deal has been approved, S&P Dow Jones Indices said late on Wednesday in New York, with the jeweller replaced by Enphase Energy. Tiffany shareholders voted overwhelmingly to support the deal at a virtual meeting, according to LVMH. The transaction, valued at almost $16bn, is expected to close in early 2021...
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