Tiffany shareholders back LVMH takeover, ending long dispute

Vail Pass to be temporarily closed Wednesday

Interstate 70 will be closed Wednesday for an estimated two hours the Colorado State Patrol said. The closure is scheduled to begin at 11 a.m.

The eastbound side of the highway over Vail Pass will be impacted as teams work on a vehicle recovery.

The closure will start at exit 180.

Stock Alert: Cango Tumbles 14% After Recent Strong Gains

Shares of Cango Inc. (CANG), a China-based operator of an automotive transaction service platform, are falling more than 14 percent or $1.25 in Wednesday’s morning trade at $7.40, after recording strong gains in the previous session.

U.S. stocks moved to the upside in early trading on Wednesday as sentiment was boosted by news that UK regulators have approved a coronavirus vaccine developed by AstraZeneca plc and the University of Oxford for emergency use.

Cango has traded in a range of $4.20 to $14.00 in the past 52 weeks.

U.S. Consumer Sentiment Improves Less Than Initially Estimated In December

A report released by the University of Michigan on Wednesday showed U.S. consumer sentiment improved by less than initially estimated in the month of December.

The report said the consumer sentiment index for December was downwardly revised to 80.7 from the previously reported 81.4.

While economists had expected a more modest downward revision to 81.3, the index remains well above the final November reading of 76.9.

“The Sentiment Index slipped in late December, although it remained higher than last month despite the ongoing surge in covid infections and deaths,” said Surveys of Consumers chief economist Richard Curtin.

He added, “The improvement was due to a large and rapid partisan shift, with Democrats becoming much more positive and Republicans much more negative.”

The report said current economic conditions index rose to 90.0 in December from 87.0 in November, while the index of consumer expectations climbed to 74.6 from 70.5.

On the inflation front, one-year inflation expectations slid to 2.5 percent in December from 2.8 percent in November. Five-year inflation expectations were unchanged at 2.5 percent.

FilmLA Says Film Permit Applications “Declined Significantly” In December

On-location filming in Los Angeles has hit record lows in the last weeks of December as the coronavirus pandemic surges across Southern California. FilmLA, the city and county film permit office, said Wednesday that its preliminary data reveals that applications for filming permits “declined significantly in the month of December, and last week, to lows we have not seen since the weeks after the restart of production last summer.”

It will be the second consecutive month of declining permit requests since June, when filming resumed under strict safety protocols.

With cases of Covid-19 spiking across the city, the Los Angeles Department of Public Health last week urged film and TV productions to “strongly consider pausing work for a few weeks during this catastrophic surge in Covid cases.”

Last night, SAG-AFTRA leaders told their members that “most entertainment productions will remain on hiatus until the second or third week of January, if not later.”

In a preview of December’s permit activity, FilmLA said today that “The local film industry is highly invested in efforts to control Covid-19, as demonstrated by the strict safety protocols and testing that all productions are subject to. Receptive to the guidance of County public health experts, the industry also responsibly began dialing back activity considerably, beginning earlier in December.”

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Tiffany shareholders back LVMH takeover, ending long dispute

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LVMH and Tiffany renegotiating $16 billion union

Tiffany & Co’s shareholders on Wednesday approved a $15.8 billion deal with France’s LVMH, ending an acrimonious dispute between the two luxury retailers that had stretched for more than a year.

At a virtual special stockholder meeting, more than 99 percent of votes cast were in favor of the deal.

Billionaire Bernard Arnault-led LVMH made the first offer late last year, but as the luxury industry slipped into turmoil due to the COVID-19 pandemic, the company backed out from its promise to close the deal.

LVMH also cited French political intervention to delay completing the acquisition until Jan. 6, pushing Tiffany into a legal battle in September to force LVMH to honor the deal.

Tiffany had earlier said its sales were improving, citing demand recovery in the United States ahead of the holiday season and China, one of its biggest markets.

LVMH then renegotiated the deal price, lowering it by $425 million. The deal, now cleared by regulators, is expected to close in early 2021.

As agreed in October, LVMH will pay $131.5 per share, down from $135 in the original deal signed late last year.

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