PARIS (dpa-AFX) - LVMH Moët Hennessy Louis Vuitton SE. (LVMHF.PK, LVMUY.PK) announced that it has completed the acquisition of Tiffany & Co. (TIF).
In conjunction with the closing of the transaction, LVMH said that Anthony Ledru, previously Executive Vice President, Global Commercial Activities at Louis Vuitton and formerly Senior Vice President of North America at Tiffany, becomes Chief Executive Officer of Tiffany, effective immediately.
Alexandre Arnault, previously Chief Executive Officer of high-quality luggage company RIMOWA, becomes Executive Vice President, Product and Communications of Tiffany, effective immediately.
Michael Burke, the Chairman and Chief Executive Officer of Louis Vuitton, will become Chairman of Tiffany Board of Directors.
Alessandro Bogliolo, the current Chief Executive Officer of Tiffany, has agreed to remain with the company to facilitate the transition through January 22, 2021, after which time he will depart the company.
Reed Krakoff, Chief Artistic Director, and Daniella Vitale, Executive Vice President and Chief Brand Officer of Tiffany, will depart Tiffany after a short transition of responsibilities.
In late December, LVMH announced that stockholders of Tiffany voted overwhelmingly to approve the modified merger agreement.
In late October, Tiffany agreed to accept a lower price of its acquisition by LVMH, ending a legal dispute between them. The new takeover price was $131.50 per share compared to the original takeover price of $135 per share.
They had agreed to settle their pending litigation in the Delaware Chancery Court.
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