Louis Vuitton owner LVMH is scrapping its $16.2 billion acquisition of Tiffany, a deal that would have been the biggest ever in the luxury industry.
The luxury-goods giant said Wednesday the merger agreement signed last November provides for a closing deadline no later than Nov. 20, 2020. But Tiffany had requested to extend the date to Dec. 31, and the French minister of foreign affairs had directed the company to defer the deal until after Jan. 6 due to a U.S. threat of taxes on French goods.
