LVMH tried on Thursday to block an attempt by Tiffany to fast-track legal proceedings in the United States to force the French luxury group to honour an acquisition deal agreed last year.
LVMH's $16 billion (Dh58.8bn) purchase of Tiffany hit the rocks last week after the Louis Vuitton owner said it could no longer complete the purchase, citing an intervention by the French government and the US jeweller's weakening performance.
Tiffany sued LVMH and asked a court in Delaware, where the case has been filed, to expedite proceedings, as it seeks to have a ruling before a November 24 deadline for closing the acquisition.
The hearing on Tiffany's fast-track request is set for September 21. Should the court decide against it, Tiffany's chances of obtaining a ruling in less than two months would dim significantly.
LVMH, run by France's richest man Bernard Arnault, said in a statement it saw no reason to speed up the case and argued that having a trial in six to seven months' time would allow the parties to prepare properly.
"Tiffany offers no reason why this court should move mountains and conduct a full-blown trial involving complex facts and international discovery in less than two months amidst a global pandemic," LVMH said in its filing.
It accused Tiffany of trying to rush a decision to avoid scrutiny of its management of the Covid-19 pandemic.
Tiffany has defended its handling of the health crisis, which hit the luxury sector hard, and said LVMH was trying to run out the clock and cause the deal to collapse.
"We have already returned to profitability and expect to remain profitable for the balance of the year, with fourth quarter profits actually exceeding those of the fourth quarter of 2019," Tiffany said on Wednesday.
The acquisition - which would be the biggest ever in the luxury industry and was meant to expand LVMH's relatively modest presence in jewellery – was agreed before the coronavirus emergency.
The French group, which has said it would counter-sue, has rejected Tiffany's accusations that it deliberately stalled anti-trust filings, including with the European Union, to delay the purchase.
LVMH has in turn lambasted some decisions by Tiffany's management since the purchase was agreed last November, including to pay dividends even after the pandemic hit and retailers were forced to close stores.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
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Racecard
6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m
7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m
7.40pm: Handicap (TB) $135,000 (D) 1,200m
8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m
8.50pm: Handicap (TB) $135,000 (T) 1,000m
9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m
10pm: Handicap (TB) $175,000 (T) 2,410m
The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
