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Moët Hennessy-Louis Vuitton (LVMH) announced it would not purchase the shares of US-based jeweler Tiffany & Co. on the open market due to the turmoil in the financial markets caused by the pandemic.
The announcement is seen as a sign that LVMH wants to renegotiate for a cheaper deal.
LVMH's chief executive Bernard Arnault agreed to acquire with Tiffany & Co. for $16 billion last November at $135 a share, but share prices dropped to about $114 each.
Tiffany & Co.'s share price plummeted in March and later recovered before falling again this week due to LVMH's bid becoming doubtful.
During its board meeting Tuesday, LVMH focused on the pandemic's impact on its agreement with the jeweler.
Tiffany & Co employs over 14,000 and operates around 300 stores, with 12 in the UK.
LVMH has 156,000 employees and a network of more than 4,590 stores. Its 75 brands include Louis Vuitton, Dom Pérignon, Moet & Chandon, Christian Dior, Kenzo, and Tag Heuer.
