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Tiffany, Louis Vuitton proprietor LVMH in oblique talks to resolve disputes over $ 16 billion, sources say

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A man on a delivery bike drives past a closed Tiffany & Co store near Fifth Avenue on March 27, 2020 in New York City.

Angela Weiss | AFP | Getty Images

Jeweler Tiffany & Co. and Louis Vuitton owner LVMH are in indirect talks to resolve their ongoing dispute over a $ 16 billion deal, CNBC's David Faber reported Tuesday, citing people who worked with are familiar with the discussions.

The two companies could try to lower the price of the deal slightly, Faber reported, or possibly move into a takeover bid.

Tiffany and LVMH representatives did not immediately respond to CNBC's requests for comment.

Tiffany shares rose about 2% Tuesday morning. The stock is down around 8% this year. Tiffany has a market capitalization of around $ 15.2 billion.

On Monday, Tiffany announced that it had received all of the regulatory clearances required to complete the acquisition after receiving the nod to it from the European Commission.

Amid the coronavirus pandemic, LVMH has been trying to get out of what would have been the largest in the luxury industry.

Tiffany has filed a lawsuit to enforce the deal, claiming the French conglomerate purposely blocked the deal. LVMH has since countered, claiming Tiffany was badly managed during the global health crisis.

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Katherine Clark