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Romain Fournier

Chief Editor
Having worked in the British, French and Swiss financial press, Romain is able to report on local and international issues, as comfortable in French as in the language of Shakespeare, Romain Fournier leads the editorial team at Marketscreener. Fine connoisseur of the English-speaking markets, Romain delivers an editorial every day on US and UK markets.

LVMH and Tiffany sue each other

09/10/2020 | 09:26am EST

LVMH pulling out its offer to purchase Tiffany is the talk of the day. J. C. Penney avoids liquidation by signing an agreement with its creditors. A few earnings reports are being published, include Oracle.

Earnings season: Oracle, Chewy, Knorr-Bremse, and WM Morrison are among companies reporting their results today.

$20 million offer. Indian conglomerate Reliance Industries wants Amazon.com to invest about $20 billion in its distribution activities, Bloomberg News reports.

Quiet about Mulan. The Chinese authorities have asked several major media in the country not to mention the release of Walt Disney’s "Mulan" after the controversy over the links between the production and the Xinjiang region, where lives a large Uighur community whose treatment by Beijing is criticized abroad, according to Reuters.

Imbroglio. LVMH will not buy out Tiffany (-6.4% at the close yesterday), which is taking legal action to force the French group to fulfill its obligations. LVMH is counter suing Tiffany and promised to defend itself vigorously. The American jeweler is accusing the French company of using the French government letter as an excuse. Indeed, the government reportedly asked LVMH to delay its operation as part of the negotiations on customs surcharges. Analysts believe that LVMH is still interested in Tiffany, but at a lower price.

Merger soon? The Italians Nexi and SIA are reportedly clearing the antitrust ground for a heavyweight marriage in payments, several months after the revelation of discussions between the two groups. According to information from the Bloomberg agency, the two groups have almost ironed out competition problems.

In extremis. J. C. Penney avoids liquidation by signing an agreement with its creditors and selling assets to Simon Property and Brookfield Property. More details here.

Special attention. Rome has confirmed that the Milan Stock Exchange assets being sold by the London Stock Exchange are strategic and that the transaction will require a special green light. This comes as no surprise and Euronext, which is probably working on the matter, is aware of this constraint. Bloomberg understands that the pan-European operator, together with the Italian CDP, may offer €3.5-4 billion to buy the LSE's Italian assets.

In other news. Huazhu Group, the Chinese hotel group which has Accor (5.59%) and Trip.com as shareholders, wants to be listed in Hong Kong in addition to New York. JPMorgan Chase confirms that employees and customers have misappropriated state aid to SMEs related to Covid-19, and is laying off five employees. The launch price of Microsoft's Xbox Series X console set at $499. The Irish privacy authority will require Facebook to stop sending user data to the US for fear of exploitation by US authorities. TikTok's parent company, ByteDance, will negotiate an arrangement with Washington to avoid selling the entire video-sharing application business in the United States, according to the Wall Street Journal. Aluflexpack acquires Poland's Top-Systems. Alpiq finalized the sale of Flexitricity to Quinbrook. Dufry wants to raise CHF 500 M.

ę MarketScreener.com 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPIQ HOLDING AG 0.00%End-of-day quote.0.00%
ALUFLEXPACK AG -2.51% 23.3 Delayed Quote.-29.91%
AMAZON.COM, INC. -2.77% 3342.765 Delayed Quote.5.54%
CHEWY, INC. -6.55% 61.61 Delayed Quote.-26.02%
DUFRY AG -4.76% 40 Delayed Quote.-24.43%
EURONEXT N.V. -0.12% 86.6 Real-time Quote.5.35%
FACEBOOK INC -2.11% 303.95 Delayed Quote.13.63%
HUAZHU GROUP LIMITED -7.19% 37.745 Delayed Quote.-9.68%
JPMORGAN CHASE & CO. -2.43% 157.33 Delayed Quote.26.87%
KNORR-BREMSE AG -0.07% 87.24 Delayed Quote.-21.83%
LVMH MOËT HENNESSY LOUIS VUITTON SE -0.23% 685 Real-time Quote.34.39%
MICROSOFT CORPORATION -2.86% 320.03 Delayed Quote.48.14%
NEXI S.P.A -3.05% 13.33 Delayed Quote.-15.85%
OLD COPPER COMPANY -1.31% 0.121 End-of-day quote.-17.97%
ORACLE CORPORATION -2.36% 87.84 Delayed Quote.39.11%
RELIANCE INDUSTRIES LTD -3.00% 2408.25 Delayed Quote.25.06%
SIAM MAKRO PUBLIC COMPANY LIMITED 0.00% 45.5 End-of-day quote.15.19%
WALT DISNEY COMPANY (THE) -1.68% 144.66 Delayed Quote.-18.75%
WM MORRISON SUPERMARKETS 0.00% 286.4 End-of-day quote.61.49%