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The European Commission is expected to give its blessing today to the acquisition of Tiffany, an American jewellery brand, by LVMH, a French luxury giant. Although LVMH initiated the $16.2bn deal last autumn, its executives are unlikely to celebrate. They have been searching for an exit from the merger since the pandemic cancelled scores of weddings and sent the market for rings and other luxury baubles into decline. LVMH's lawyers have offered an array of excuses to justify the change of heart. They have argued that the pandemic's "adverse material impacts" void the deal and have accused Tiffany's bosses of mismanagement. Tiffany, meanwhile, remains committed, and has sued LVMH in Delaware for enforcement of the company's pre-pandemic valuation. American antitrust regulators have already waved the deal through. And with the commission expected to concur today, LVMH may soon learn that diamonds are, indeed, forever.

The European Commission is expected to give its blessing today to the acquisition of Tiffany, an American jewellery brand, by LVMH, a French luxury giant. Although LVMH initiated the $16.2bn deal last autumn, its executives are unlikely to celebrate. They have been searching for an exit from the merger since the pandemic cancelled scores of weddings and sent the market for rings and other luxury baubles into decline. LVMH's lawyers have offered an array of excuses to justify the change of heart. They have argued that the pandemic's "adverse material impacts" void the deal and have accused Tiffany's bosses of mismanagement. Tiffany, meanwhile, remains committed, and has sued LVMH in Delaware for enforcement of the company's pre-pandemic valuation. American antitrust regulators have already waved the deal through. And with the commission expected to concur today, LVMH may soon learn that diamonds are, indeed, forever.