Tiffany & Co. from Vienna, Austria, in the most prestigious shopping area in the center of Vienna, also called the Golden U on Kohlmarkt Strasse.
Nicolas Economou | NurPhoto | Getty Images
Shareholders of US jeweler Tiffany on Wednesday approved a $ 15.8 billion deal with LVMH in France, ending a heated dispute between the two luxury retailers that has spanned more than a year.
At a special virtual meeting of shareholders, over 99% of the votes cast were in favor of the agreement.
Billionaire Bernard Arnault, led by LVMH, made the first offer at the end of last year, but the luxury industry fell into turmoil due to the Covid-19 pandemic, the company gave up its promise to close the deal.
LVMH also cited French political intervention to postpone the completion of the acquisition until January 6, pushing Tiffany into a legal battle in September to force LVMH to honor the deal.
Tiffany previously said its sales are improving, citing a recovery in demand in the United States before the holiday season and China, one of its largest markets.
LVMH then renegotiated the transaction price, lowering it by $ 425 million. The agreement, now approved by regulators, is expected to be concluded in early 2021.
As agreed in October, LVMH will pay $ 131.5 per share, down from $ 135 in the initial agreement signed late last year.