LVMH pulls out of $16bn Tiffany deal citing US tariffs

LVMH said it’s calling off a deal to buy jeweler Tiffany & Co., citing delays to the proposed $16bn deal stemming from a US move to impose tariffs on French goods.

The Louis Vuitton owner’s decision to walk away from the agreement also followed Tiffany’s move to push back the closing date from a previously set November target, according to a statement from the French luxury giant.

Tiffany shares plunged about 14 per cent in premarket US trading, while LVMH gave up gains to trade 0.8 per cent lower in Paris.