LVMH, Tiffany agree on lower price in $16 bln takeover deal

U.S. jeweler Tiffany & Co has agreed with LVMH to slightly lower the price of its acquisition by the French luxury goods group, ending a bitter legal dispute between the two, the companies said on Thursday. The new takeover price was set at $131.5 a share from $135 in the original deal, the companies said in a statement, bringing the price tag to around $15.8 billion.

U.S. jeweler Tiffany & Co has agreed with LVMH to slightly lower the price of its acquisition by the French luxury goods group, ending a bitter legal dispute between the two, the companies said on Thursday.

The new takeover price was set at $131.5 a share from $135 in the original deal, the companies said in a statement, bringing the price tag to around $15.8 billion. They added that other key terms of the deal agreed last November remained unchanged.

"Tiffany and LVMH have also agreed to settle their pending litigation in the Delaware Chancery Court," the statement said. The new price means a discount of $425 million for LVMH, led by billionaire businessman Bernard Arnault, or less than 3% of the initial deal price.

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