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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  LVMH Mot Hennessy - Louis Vuitton SE    MC   FR0000121014

LVMH MOT HENNESSY - LOUIS VUITTON SE

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LVMH Mot Hennessy Louis Vuitton : Tiffany says LVMH countersuit an attempt to avoid full purchase price

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09/29/2020 | 10:36am EDT
Tiffany & Co. jewelry is displayed in a store in Paris

Tiffany & Co said on Tuesday LVMH's countersuit to drop its $16 billion acquisition of the U.S. jeweler was an attempt to avoid paying the full purchase price.

Paris-based LVMH countersued Tiffany on Monday, arguing that its agreement with the company had no carve-out for pandemics under the definition of a so-called material adverse effect. As a result, Tiffany assumed the risk of a virus outbreak, LVMH said.

Disputing LVMH's claim that the "pandemic had devastated Tiffany's business", the U.S. jeweler said it only experienced a single quarter of losses before returning to profitability.

"LVMH cannot show that the steps Tiffany took to protect the health and welfare of its employees and customers during the pandemic violated the Merger Agreement," Tiffany said.

The company said LVMH had still not provided it or the court with a copy of the letter from the French government that prohibited the acquisition prior to its scheduled date.

A U.S. judge last week set a four-day trial on the case beginning Jan. 5. The judge said during a hearing that he hoped Tiffany and LVMH could have "productive discussions to avoid the need for litigation."

(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)


Stocks mentioned in the article
ChangeLast1st jan.
CHRISTIAN DIOR SE -3.74% 365 Real-time Quote.-20.10%
LVMH MOËT HENNESSY - LOUIS VUITTON SE -3.99% 402.15 Real-time Quote.-2.91%
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Financials
Sales 2020 45 331 M 53 279 M 53 279 M
Net income 2020 4 271 M 5 020 M 5 020 M
Net Debt 2020 12 932 M 15 199 M 15 199 M
P/E ratio 2020 49,3x
Yield 2020 1,09%
Capitalization 202 B 238 B 238 B
EV / Sales 2020 4,75x
EV / Sales 2021 3,99x
Nbr of Employees 163 309
Free-Float 51,8%
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Technical analysis trends LVMH MOT HENNESSY - LOUIS VUITTON SE
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 450,70 €
Last Close Price 402,15 €
Spread / Highest target 26,8%
Spread / Average Target 12,1%
Spread / Lowest Target -30,1%
EPS Revisions
Managers
NameTitle
Bernard Arnault Chairman & Chief Executive Officer
Antonio Federico Belloni Group Managing Director & Director
Jean-Jacques Guiony Chief Financial Officer
Delphine Arnault-Gancia Director
Antoine Arnault Director
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