The luxury industry’s biggest takeover is unraveling as LVMH moved to call off a $16 billion purchase of Tiffany & Co., which countered with a lawsuit to try to keep the deal on track.
The Louis Vuitton owner cited delays related to a U.S.-France trade dispute, while the jeweler said the French giant was trying to leverage the protests against police brutality and the COVID-19 pandemic to seek a lower price.
Tiffany shares plunged as much as 11% in New York, while LVMH gave up gains to trade 0.3% lower in Paris.
