US luxury jewellery retailer Tiffany & Co's shareholders on Wednesday approved a $15.8 billion deal with French luxury goods giant LVMH, ending an acrimonious dispute between the two retailers that had stretched for more than a year.
At a virtual special Tiffany stockholder meeting, more than 99 per cent of votes cast were in favour of the deal.
LVMH, headed by Bernard Arnault, the world’s fifth-richest man, made the first offer late last year, but as the luxury industry slipped into a turmoil due to the Covid-19 pandemic the company backed out from its promise to close the deal.
LVMH also cited French political intervention to delay completing the acquisition until January 6, pushing Tiffany into a legal battle in September to force LVMH to honour the deal.
Tiffany had earlier said its sales were improving, citing demand recovery in the United States ahead of the holiday season and China, one of its biggest markets.
LVMH then renegotiated the original deal price of $16bn and lowered it by $425 million. The deal, now cleared by regulators, is expected to close in early 2021.
As agreed in October, LVMH will pay $131.5 per share, down from $135 in the original deal signed late last year.
PREMIER LEAGUE TABLE
1 Man City 26 20 3 3 63 17 63
2 Liverpool 25 17 6 2 64 20 57
3 Chelsea 25 14 8 3 49 18 50
4 Man Utd 26 13 7 6 44 34 46
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5 West Ham 26 12 6 8 45 34 42
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6 Arsenal 23 13 3 7 36 26 42
7 Wolves 24 12 4 8 23 18 40
8 Tottenham 23 12 4 8 31 31 39
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Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
Killing of Qassem Suleimani
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Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
