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Tiffany Shareholders’ Approval of LVMH Sale Caps Rocky Saga

  • LVMH says investors backed the deal ‘overwhelmingly’
  • Tiffany will be dropped from Standard & Poor’s index
Tiffany Store As Louis Vuitton Owner Buys Jewelry Brand In $16 Billion U.S. Push
Photographer: Jason Alden/Bloomberg
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The holiday blessing that Tiffany & Co. shareholders gave to sell the storied jeweler 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 the Standard & Poor’s 500 Index now that the deal has been approved, S&P Dow Jones Indices said late Wednesday in New York, with the jeweler replaced by Enphase Energy Inc. Tiffany shareholders voted overwhelmingly to support the deal at a virtual meeting, according to LVMH. The transaction, valued at almost $16 billion, is expected to close in early 2021.