Stéphane Haddad

Senior Lecturer at EHL

Stéphane HaddadStéphane is a senior lecturer in finance at Ecole hôtelière de Lausanne. He advises industrial and financial participants in corporate acquisitions, disposals and JV projects within the construction and real estate industries
Insights by Stéphane Haddad (3)

LVMH – Crisis at Tiffany’s

We live in extraordinary times. The planned $16.6 billion acquisition of Tiffany & Co by LVMH*, signed last November, is in on the verge of collapsing. While the adverse impact of the COVID crisis on global luxury sales can explain LVMH's desire to withdraw from its largest acquisition ever, the reason provided to terminate the agreement is leaving most of us baffled.

LVMH / Tiffany - Diamonds Are Forever!

LVMH is to acquire Tiffany & Co. for $135 per share, in a transaction which will value the entire equity at $16.2 billion. Including net financial liabilities of $0.7 billion, this leads to an implied enterprise value of $16.

M&A in Hospitality: Stick or Twist?

What's the outlook for mergers and acquisitions (M&A) activity in the hospitality sector in 2018? We saw deals peak a few years ago in 2015, not in the number of deals as such – they have continued to grow – but rather in the value of the transactions.