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The Story of Money

LVMH, Tiffany and a case of buyer’s remorse

The Story of Money

Manuela Saragosa

Business, Crypto, Markets, Finance, Banking, Investing, History, News

4.4400 Ratings

🗓️ 14 October 2020

⏱️ 24 minutes

🧾️ Download transcript

Summary

Bernard Arnault built a €210bn luxury empire through an unflinching acquisition strategy that earned him the “wolf in cashmere” moniker. Tiffany, famous for its robin-egg blue boxes and diamond engagement rings, was meant to be the jewel atop his LVMH luxury group. The takeover would have been the largest-ever in the luxury sector, until the pandemic hit. The FT’s Leila Abboud, Arash Massoudi and James Fontanella-Khan unwind the saga of how the $16.6bn deal has hit rocky ground and how the pandemic and the forthcoming legal battle could change the terms of M&A engagement globally.


Review clips: CNBC, PBS, Viva Technology


Read more from Leila, Arash and James - https://www.ft.com/content/72af09b4-12a4-45ad-86ca-919d38e279e8


Find the FT’s Due Diligence newsletter - https://www.ft.com/due-diligence


Hosted on Acast. See acast.com/privacy for more information.

Transcript

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0:00.0

Am I missing anything? Is this the right decision?

0:02.0

Could it be a alternative?

0:04.0

Am I too late?

0:05.0

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0:08.0

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0:11.0

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0:12.0

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0:14.6

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0:16.5

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0:21.1

facts, not opinions.

0:23.0

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0:26.6

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0:27.7

AI and take action today.

0:31.5

This saga is about the ego of one of the world's best dealmakers ever and him getting his way.

0:39.0

He has shown that LVIMH is willing to play dirty if needed in the pursuit of what it wants.

0:45.6

He's built an empire out of very little.

0:49.3

He is somebody who has never shied from getting into a fight, many of them which have ended in court.

0:55.6

This doesn't happen very often when you cover M&A, I mean that something gets this public

1:00.6

and combative, it's pretty rare.

1:02.8

His entire career has been a series of master strokes that even when he loses he wins.

1:08.0

It just looks a bit strange if the government is helping the richest man in the country get out of a deal.

1:17.0

This is behind the money. I'm Amy Keene. In this episode, what happens to the rules of engagement for M&A in the time of coronavirus?

...

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