LVMH Ends Deal to Purchase Tiffany

LVMH (Paris) has cancelled its plans to purchase of luxury retailer Tiffany & Co. (New York), reports CBS News. The threat of proposed U.S. tariffs on French goods prompted the company take more time to assess their impact on the $16.2 billion dollar deal that was initially scheduled to close Nov. 24.

Tiffany will reportedly sue LVMH in U.S. court to enforce the merger agreement. Tiffany chair Roger Farah said the company had “no choice” but to pursue legal action to protect the company and its shareholders.

"Tiffany is confident it has complied with all of its obligations under the merger agreement and is committed to completing the transaction on the terms agreed to last year," he said.