NEW YORK, NY - NOVEMBER 29: The flagship Tiffany & Co. store is seen on November 29, 2011 in New York City. The high-end jewelry retailer saw its fiscal third-quarter earnings climb 63%. Despite this growth, Wall Street expressed disappointed as a projection for the current quarter fell short of expectations. (Photo by Spencer Platt/Getty Images)

LVMH Moet Hennessy Louis Vuitton has missed the first deadline by which it had agreed to complete its purchase of jeweller Tiffany & Co.

In documents drawn up regarding the deal, the pair agreed that LVMH would complete the purchase by Monday 24 August.

Now, the companies are looking at a revised 24 November date after pushing back the deadline by three months, as allowed by a clause in the contract.

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This news comes via Reuters, which referred to an unnamed source close to the deal.

The deal is worth a reported $16.2 billion (£12.3 billion), with LVMH opting not to renegotiate so far.

The LVMH board met to consider whether it should go through with the deal back in early June, citing the coronavirus pandemic as a factor.

It ultimately decided to continue with the deal. Read more below:

LVMH speaks out about Tiffany & Co takeover doubts