Enphase Energy to replace Tiffany in S&P 500

Thursday, 31. December 2020 03:48

Enphase Energy Inc. is set to replace Tiffany & Co. when it enters the S&P 500 Index, S&P Dow Jones Indices announced.

The move comes after the high-end jeweler reportedly accepted a $15.8-billion acquisition offer made by Moet Hennessy Louis Vuitton (LVMH) luxury goods company, ending a dispute which lasted for over a year.

The initial offer was made by the Paris-based luxury brand before the start of the coronavirus pandemic. The low demand amid the global health crisis which affected the company's sales led to the conglomerate attempting to back out of the deal, initially meant to be finalized by mid-2020. In order to delay the takeover, LVMH argued it was asked by the French government to abandon the deal.

Related Links: Tiffany & CoEnphase Energy Inc.
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Breaking the News / NL