LVMH’s Arnault Leaned On Government to Exit Tiffany Deal

  • Richest man in France initiated pullout from pricey U.S. deal
  • Luxury industry’s biggest takeover was already unraveling
Watch: LVMH said it is walking away from a proposed $16 billion deal to purchase Tiffany & Co. citing delays stemming from a U.S. move to impose tariffs on French goods. (Source: Bloomberg)

LVMH Chairman Bernard Arnault asked for help from the French government in an effort to pull out of a deal to buy Tiffany, according to a person familiar with the government’s thinking.

The wealthiest man in France initiated the move that led to the world’s biggest luxury conglomerate announcing it would no longer buy the U.S. jewelry maker, according to two people familiar with the situation. LVMH denied what a spokesman called “malicious and totally unfounded allegations.”