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LVMH-Tiffany Saga Nears End to Cap $15.8 Billion Deal

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LVMH-Tiffany Saga Nears End to Cap $15.8 Billion Deal P2JW364000-5-A00100-17FFFF5178F ***** TUESDAY,DECEMBER 29,2020~VOL. CCLXXVI NO.152 WSJ.com HHHH $4.00 DJIA 30403.97 À 204.10 0.7% NASDAQ 12899.42 À 0.7% STOXX 600 398.58 À 0.7% 10-YR. TREAS. unch , yield 0.932% OIL $47.62 g $0.61 GOLD $1,877.20 g $2.70 EURO $1.2215 YEN 103.79 Hong Kong Defendants’ Families Await Mainland Verdicts House What’s News Votes to Override Business&Finance Veto on iffanyshareholders Tareexpected this week to approve amergerwith Defense French luxury giant LVMH, closing months of drama that nearly killed the $15.8 Lawmakers approve billion agreement. A1 separate bill to boost All three major U.S. stock indexesclosed at recordsaf- relief checks; Senate terTrump signed aCovid-19 action is uncertain aid bill. TheS&P 500 gained 0.9%, while the Dowand Nas- BY NATALIE ANDREWS daq both advanced 0.7%. B1 AND CATHERINE lUCEY Alibaba’sstock gains for the year have all but been WASHINGTON—TheHouse S erased afterChinese regula- on Monday votedtooverride tors signaled amajor change PRES President Trump’svetoofa in posturetoward the com- TED $740.5 billion defense policybill, panyand itsAnt affiliate. B1 OCIA sending the bill to the Senate SS /A and putting it on track to be the TheFAA established re- firstlegislation to become law quirementsfor remoteidenti- CHEUNG over Mr.Trump’sobjections. fication of drones,along with Mr.Trump had rejected the newsafeguards forflights KIN SUPPORT: Relatives of 12 Hong Kong activists who were detained fleeing the city by sea in August held a news conference bipartisan National Defense Au- over populated areas and at Monday as trials were held on the mainland. The families called on the court to quickly issue its verdicts. A6 thorization Act over provisions night, in abid to expand com- that removebase names honor- mercial use of the craft. A3 ing Confederateofficersand es- The EPA said that it has tablish troop levels abroad, as set its first-ever climate well as the legislation’slack of standards for commercial languagerevokinginternet airliners and large busi- LVMH-Tiffany Saga Nears platforms’ broad immunity for ness jets, giving jet makers the content they publish from eight yearstocomply. A2 usersontheir sites. Theoverride vote,which re- Cisco is pulling the plug quired atwo-thirds superma- on a flagship effort to help End to Cap $15.8 Billion Deal jority,was 322to87, with a digitize the modern city, majority of Republicans joining the latest example of a big most Democratsinbreaking tech company struggling BY MATTHEW DALTON French billionaireBernardAr- dends before the deal closed, demicagreement than con- with thepresident. TheGOP- to enter a new market. B1 AND SUZANNE KAPNER nault, didn’t gethis way. demanded thejeweler lower tinue to fight, a person famil- controlled Senateisexpected to SAPsaid it would return Mr.Arnault fought for the deal priceby11%, the peo- iar with the situation said. consider the bill as soon as Qualtrics to public markets, Tiffany&Co. shareholders months to renegotiatethe ple said. Nowhefaces the challenge Wednesday. TheWhiteHouse alisting expected to value are expected this week to ap- mergerafter the Covid-19 pan- Tiffanydeclined and pressed of reviving Tiffanyatatime didn’t respond to arequest for the business at least 50% proveamergerwith LVMH demic threw the luxuryindus- ahead with alawsuit,filed in a when the brand and the comment. above what it paid for the Moët Hennessy Louis VuittoN tryintoturmoil. He asked the Delaware court, to enforce the broader industryhavesuffered In aflurryoflast-minute startup two years ago. B3 SE that would givethe French French government forhelp initial mergeragreement. significant damage. LVMH’s legislation, the House also ap- luxurygiant abig cut of the getting out of it and later en- In the end, LVMH agreed to ownlawyers, in acounter law- proved sending $2,000 stimu- Marketersand the rest high-end jewelrymarket and listed aRothschild &Co. buy Tiffanyata2.6%discount suit in September,said the pan- lus checks to manyAmericans, of the ad industryexpect a closemonths of drama that banker to conduct back-chan- from the original deal price. demic leftthe retailer with “no aday afterMr. Trump signed a busy year ahead confronting nearly killed the $15.8 billion nel talks with Tiffany, accord- Tiffanymade a$70 million end to itsproblems in sight.” sweeping Covid-19 aid bill into possible government rules agreement. ing to people familiar with the dividend payment last week. Among them: Manybig- PleaseturntopageA4 and regulations that would Wednesday’svoteisalso ex- matter. Mr.Arnault, upset Mr.Arnault decided he spending tourist shopperswho bear on their businesses. B3 pected to capadeal in which over Tiffany’sinsistenceoN would rather ownTiffanyata travel the world buying luxury Biden says Trump officials LVMH’scontrolling shareholder, paying full shareholder divi- priceclose to the pre-pan- PleaseturntopageA6 impede transition.................... A4 World-Wide Stocks Rise on Bill’s Approval TheHouse voted to over- Pushback on Xi’sChina ride the president’svetoofa U.S. stocks climbed to records Monday after President Trump defense policybill, sending signed a Covid-19 aid bill. Travel stocks, which have been hit the bill to the Senateand put- hard by the pandemic, were among the biggest gainers. B1 ting it on track to be the first Vision Spreads Beyond U.S. legislation to become law Share-priceand indexperformance, Monday over Trump’sobjections.The House also approved sending 6% $2,000 stimulus checks to More countries are moving closer to Washington’s harder stance manyAmericans; that bill’s 5 Senatefateisuncertain. A1 Carnival In March 2019,XiJinping flew to Paris to influence, the official said. Mr.Juncker cut Biden said Trump admin- +4.2% meet French President Emmanuel Macron, the tension with ajokeabout the EU’sinabil- istration political appointees 4 German Chancellor Angela Merkel and the ity to agree on what China was. But Mr.Ma- in the OMB and Pentagon Norwegian Cruise Line then-president of the European Commission, cron wasblunt, the official recalled. were obstructing effortsof +3.9% his transition team in ways 3 Jean-Claude Juncker. It’strue, the French president said. Youare arival. that he said could impair American Afew weeks later,Francesent awarship U.S. national security. A4 Airlines By Drew Hinshaw, Sha Hua 2 +2.6% and Laurence Norman through the Taiwan Strait, provoking Beijing, Officials investigating which accused the frigateofillegally entering the Christmas bombing in Aftertoasting with flutes of Champagne, Chinese waters. 1 Nashville, Tenn., said they S&P500 the Chinese president pressed the three lead- Inside China, Mr.Xi’sauthority is increas- were pursuing multiple +0.9% ers, according to an official present. Arecent ingly seen as absolute. He has sidelined rivals, leads on deceased suspect 0 European Union policypaper had described silenced dissidents and bolstered his popular- AnthonyWarner’s motive. A3 China as a“systemic rival.” Did the Europeans ity by promoting aresurgent China unafraid 9:30 10 11 noon 1234 Novavax said it is starting really mean it? to assert itsinterests. PleaseturntopageA8 anew clinical trial in the U.S. Source:FactSet Ms.Merkel demurred with acompliment forMr. Xi, saying the languageshowedEu- and Mexicototest whether rope recognized China’sgrowing strength and Gerald F. Seib: China’s power grows................... A4 itsexperimental Covid-19 vaccine safely protects people from the disease. A2 Dining Out? AChinese court imposed GroceryDelivery Fees afour-year prison term on a citizen journalist who doc- Grab Your umented howCovid-19 rav- Squeeze Supermarkets aged the city wherethe coro- Snowsuit navirus wasfirst detected. A6 BY JAEWON KANG customer interactions and ex- ASaudi court sentenced iii women’s-rightsactivist Lou- pect it to take an increasing jain al-Hathloul to nearly One piecesare no Grocery-deliveryservice shareofmoney that food mak- six yearsinprison on ter- Instacart Inc.onceseemed like ersspend on marketing. longer justfor the perfect partner forsuper- All that has put grocersina rorism-related charges. A7 marketslooking to break into bind, as deliverycontinues to Argentina’sSenate is set toddlers, or the ’80s e-commerce.After several boom and becomes anecessity. to vote on abroad legaliza- yearstogether,though, some Some grocersare focusing tion of abortion, which would BY lAUREN WEBER grocersare starting to question moreontheir ownpickup oper- makethe countrybyfar the the relationship. ations or working with rival de- largest in Latin Americato Snowsuitsaren’t just for Instacart’stechnologypro- liverycompanies. approvethe procedure. A6 kids or Alpine skiersthis sea- vided aready-made solution for Formanysupermarkets, Died: ShirleyYoung,85, son. Americans arepreparing grocerychains that hadn’t yet food deliverycutsintoalready- fortheir firstCovid winter, created options forcustomers thin profits. “Wedon’t think we former GM executive. B2 and one of the hottest items is to shop online.And it became makemoney from an Instacart the onesie snowsuit foradults. even moreattractivewhen de- order,” said Mark Skogen,CEO We'regrateful CONTENTS Opinion.............. A13-15 KarenFlanneryrecently livery demand ballooned with of Skogen’sFoodliner Inc., Arts in Review.... A11 Personal Journal A9-10 Business News...... B3 Sports........................ A12 bought two on eBay. She wears the pandemic,providing armies which operates morethan 30 Capital Journal...... A4 Technology............... B4 them to walk her dog and for of on-demand
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