Name: Tiffany shareholders back LVMH takeover
Uploaded: 2021-01-01T18:40:04.000Z
Duration: 1 min 3 s
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LVMH got a lot closer to tying the knot with Tiffany.

After a year long acrimonious dispute, the American Jewelers shareholders overwhelmingly approved a nearly $16 billion deal with the French conglomerate at a special meeting on Wednesday.

It's a luxury industry's biggest deal ever.

It all started late last year when LVMH offered to buy the iconic jeweler known for its pale blue boxes.

But the company led by billionaire Bernard Arnault, backed out of its, vowed to close the deal amid a trade rift between France and the US and as a pandemic slammed the luxury sector.

Tiffany then sued LVMH, seeking to force it toe honor the original agreement.

LVMH then re negotiated the deal price, lowering it by $425 million.

Regulators have cleared the deal and it's now expected to close early next year.

 LVMH shares rose in early trading Wednesday. 