The companies previously agreed on the amount of $16.2 billion, but now Tiffany has agreed to cut the price by $400 million.

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The French company LVMH will buy the American jewelry company Tiffany & Co for $400 million less than previously agreed. It was reported by CNN on Thursday, October 29.

The companies agreed that LVMH will buy back Tiffany & Co shares at $131.5 instead of $135 per share. Now Tiffany & Co will buy for $15.8 billion instead of the previously agreed $16.2 billion.

“We are delighted to have reached an attractive agreement with LVMH and we can now continue our merger,” said Roger Farah, CEO of Tiffany & Co.

LVMH CEO Bernard Arnault added that this price is “balanced” and will allow the company to work with confidence in the acquisition of Tiffany & Co.

Recall that the previously richest European became even richer by $8 billion in a week. The fortune of businessman Bernard Arnault exceeded $122 billion. In the ranking of world billionaires, he is second only to Jeff Bezos.