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Australian watchdog seeks 6-month extension to review LVMH's Tiffany acquisition

Tiffany & Co. on April 7 said the Australian Foreign Investment Review Board requested a six-month extension of its deadline to review LVMH Moët Hennessy - Louis Vuitton Société Européenne's acquisition of the jeweler, adding that it is working with authorities in Europe and Asia to receive regulatory approvals for the deal.

The Australian Foreign Investment Review Board requested an extension due to delays caused by the coronavirus outbreak and expects to complete the review Oct. 6.

New York-based Tiffany said it is submitting additional information to achieve the remaining clearances. The European Commission, the Mexican competition authority, the State Administration for Market Regulation of China, the Japan Fair Trade Commission, the Korea Fair Trade Commission of South Korea, the Taiwan Fair Trade Commission and Russia's Federal Antimonopoly Service have yet to clear the deal.

The jeweler said it expects the $16.2 billion deal to close in mid-2020.

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The U.S. Committee on Foreign Investment, the Canadian Competition Bureau, and the Australian Competition and Consumer Commission have all cleared the acquisition.