World News – GB – Tiffany and LVMH could patch things up with discount deal


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NEW YORK (Reuters) – US jeweler Tiffany & Co and French luxury giant LVMH are in talks to settle their dispute over a $ 16 billion takeover at a price slightly below the one initially agreed to, sources familiar with the matter said on Tuesday

Negotiations were based on a price of between $ 131 and $ 134 for each Tiffany share, down from the price of $ 135 when the deal was first closed last November.

The original deal ran into problems last month when the French group said it could no longer complete the deal by the 24 deadline

He cited French political intervention preventing him from doing so, but also what he described as the jeweler’s « dismal » performance during the coronavirus crisis

The two sides clash in Delaware court, with Tiffany seeking to force LVMH to honor the deal The case is due to be heard in early January

Tiffany shares rose nearly 5% to $ 12878 on Tuesday after reports of a possible end to the dispute

LVMH, owner of Louis Vuitton, agreed last year to buy Tiffany as part of its largest acquisition to date, betting it could restore the jeweler’s shine to the US by investing in stores and new collections

The deal was designed to boost LVMH’s smallest business, the jewelry and watchmaking division that already houses Bulgari and Tag Heuer, to help it develop into one of the growing sections of the industry fastest and strengthen its US presence

New York-based Tiffany, founded in 1837 and known for its iconic pale blue boxes, retains a resonance as a go-to supplier of engagement rings that only a handful of rivals can match

Tiffany also said on Monday that she had received approval from the European Commission to enter into the deal, removing all regulatory hurdles

(Reporting by Greg Roumeliotis in New York and Praveen Paramasivam in Bengaluru; Writing by Keith Weir; Editing by David Goodman)

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Sales for the third quarter of 2020 and the nine months ended September 30, 2020 and new objectives for the year 2020 Paris-La Défense, October 27, 2020, 530 pm (CET) – Assystem SUNE (ISIN: FR0000074148 – ASY), a major player in engineering, today published its turnover for the third quarter of 2020 and the nine months ended September 30, 2020 Consolidated turnover and year-on-year variations ( unaudited) In millions of euros Q3 2019 Q3 2020 Total variation from one year to the next Comparable variation from one year to another * Group 11651 152 -12% -11% Energy & Infrastructure 10 421 066 23% 01% endowment in personnel 10886 -204% -132% Other ** 16 — In millions of euros Nine months ended September 30, 2019 Nine months ended September 30, 2020 Total variation from one year to another Comparable variation from one year to the other * Group 36,303,447 -51% -68% Energy & Infrastructure 32,413,128 -35% -61% staffing 33,528 8 -141% -121% Other ** 5431– * Based on a comparable consolidation scope and at constant exchange rates ** The activity corresponding to the “Other” segment has been deconsolidated since July 1, 2020. Assystem’s activity was affected by the Covid-19 pandemic in the first half of 2020, particularly during the national lockdown in France Consolidated revenue fell 69% in the first half of 2020 compared to the first six months of 2019, but the Group’s performance has improved rapidly since June 30, 2020 In the third quarter of 2020, Assystem’s sales contracted by only 2%, breaking down into an 11% decrease at constant scope, a 1 positive 5% impact of changes in the scope of consolidation, and a significant 16% negative currency effect Over the first nine months of 2020, Assystem’s consolidated sales amounted to 344 euros7 million, down of 51% over one year, with a decrease of 8% at constant scope, a 20% im positive pact of changes in scope and a negative 0 Currency effect of 3% ENERGY & INFRASTRUCTURE Revenue generated by the Energy & Infrastructure division (E&I) amounted to € 106 6 million in the third quarter of 2020, up 23 % over one year Growth at constant scope was 01%, changes in scope had a 32% favorable impact (mainly from Asco, consolidated since October 1, 2019), and the currency effect is negative 11% The performance delivered by the Nuclear activities confirms the positive trend observed since June, with a turnover of 73 € 6 million, i.e. an increase of 9% over one year driven by activity in France and United Kingdom This overall increase breaks down into 16% like-for-like growth, a 34% favorable impact of changes in scope and a negative impact of 11% currency effect However, on-site services under the KUNE CARE contract in Arabia Saoudit e could not be executed due to the specific measures implemented in this country to manage the Covid-19 pandemic This had a 28% negative impact on revenue growth at constant scope in the third quarter 2020 For Energy Transition and Infrastructures (ET&I), the third quarter of 2020 saw a gradual return to normal levels of activity, in particular in Project Management and for Radicon in Saudi Arabia (in Building Infrastructure Engineering) The figure ET&I’s overall business for the quarter amounted to € 33.0 million, a year-over-year decrease of only 11% (breaking down into negative like-for-like growth of 30%, a 29 % favorable impact of changes in scope and a 10% negative currency effect) For the month of September alone, ET&I returns to growth at constant scope PERSONNEL Revenues from the Endowment division – which has been sustainable affected by the border closures implemented following the pandemic – decreased 132% at constant scope in the third quarter of 2020 This drop at constant scope was exacerbated by a particularly unfavorable currency effect over the period, which had a 7 2% negative impact on the division’s revenues NEW OBJECTIVES FOR THE YEAR 2020 AND OUTLOOK FOR 2021 As expected, the E&I division of Assystem returned to the growth path in the third quarter of 2020 However, the consequences of the pandemic of Covid-19 continue to weigh on the personnel division and the performance of KUNEContrat CARE In addition, the risks in France related to the management of contact cases make it not possible to optimize the production of services billable Assystem’s new objectives for the year 2020 are as follows: – Taking into account the above elements and the probable negative exchange rate effect (1) on the turnover of the second half-year, consolidated sales of between 470 and 475 million euros (2), compared to the previous target of 485 million euros – EBITA margin of between 52% and 53%, compared to the previous objective of 50% These objectives do not take into account the consequences of any new complete lockdowns due to Covid-19 in the main regions where Assystem is established in France The Group’s order book and the numerous calls for tenders that it continues to receive good prospects for 2021 FINANCIAL CALENDAR February 3, 2021: Publication of turnover for the year 2020 March 16, 2021: Publication of results for the year 2020 – Presentation meeting on March 17 at 830 am ( CET) May 4, 2021: publication of first quarter 2021 sales May 27, 2021: Annual general meeting ABOUT ASSYSTEM Assystem is an international engineering group A key player in the industry for more than 50 years, the Group accomp helps its clients in the management of their investments throughout the life of their assets Assystem SUNE is listed on Euronext Paris For more information, please visit wwwassystemcom / Follow Assystem on Twitter: @Assystem CONTACTS Philippe Chevallier CFO & Deputy CEOTel: 33 (0) 1 41 25 28 07 Anne-Charlotte Dagorn Director of communicationacdagorn @ assystemcomTel: 33 (0) 6 83 03 70 29Agnès VilleretInvestor relations – Komodoagnesvilleret @ agence-komodocomTel: 33 (0) 6 83 28 04 15 QUARTERLY BUSINESS In millions of euros Q1 2019 Q1 2020 Total variation from one year to another Comparable variation from one year to another * Group12581229 -22% -53% Energy & Infrastructure11221103-17% -48% Recruitment115109-51 % -71% Other2117 – In millions of euros Q2 2019Q2 2020 Total variation from one year to another Comparable variation from one year to another * Group12071066 -117% -137% Energy & Infrastructure1077959 -110% – 133% Person nel11393 -172% -163% Other1814– In millions of euros Q3 2019Q3 2020 Total variation from one year to another Comparable variation from one year to another * Group11651152 -12% -11% Energy & Infrastructure10421066 23 % -01% of staffing 10 886 -204% -132% Other16 — * Based on a comparable scope of consolidation and at constant exchange rates (1) Based on current exchange rates (2) Compared to a consolidated turnover of 497 € 5 million in 2019

2020 Assystem Q3 revenue

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LVMH, Tiffany & Co, European Union

World news – GB – Tiffany and LVMH could patch things up with discount deal


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