Luxury group LVMH announced on January 7 that its bid to acquire US brand Tiffany was complete, reports Leatherbiz.

The Brazilian meat processor is to acquire Argentina's Campo del Tesoro for US $4.6 million, reports ILM.

Paris-based luxury group LVMH has become caught up in a trade dispute between France and the US. It has announced that it will now be unable to complete its proposed acquisition of US brand Tiffany because it has been “directed” to defer its completion by a French government minister.

Greenlea managing director Tony Egan says the deal to jointly buy Wallace Group with two other companies is worth more than $10 million. Two North Island meat companies and another business have bought the Wallace Group.

Luxury group LVMH has confirmed that it will not try to buy Tiffany shares on the open market. Tiffany’s share price has fallen since the two companies agreed LVMH’s acquisition of the New York-based jewellery and accessories brand in late November, reports Leatherbiz.