LVMH agreed to buy Tiffany & Co. at a slightly reduced price of almost $16 billion, preserving the luxury industry’s biggest takeover and avoiding a courtroom battle over an earlier deal that soured.
The compromise ends a yearlong saga characterized by accusations of bad faith, French government intervention and lawsuits. Both sides were due to meet in a Delaware court in January, after the Louis Vuitton owner walked away from their original agreement and Tiffany sued to keep it on track.
