LVMH mentioned Tuesday it had filed a countersuit in opposition to Tiffany in a bid to stroll away from the $16.2 billion takeover that would have been the largest ever within the luxurious business.

The go well with, filed Monday in Delaware, says that LVMH “continues to have full confidence in its place that the circumstances mandatory to shut the acquisition of Tiffany haven’t been met.” It provides that the “spurious arguments put ahead by Tiffany are fully unfounded.”

The announcement is the newest in a saga that noticed the Louis Vuitton proprietor scrap the acquisition in early September. In an announcement on the time, France’s LVMH mentioned that it could not have the ability to full the acquisition of Tiffany “because it stands.” 

The agency cited the specter of U.S. tariffs on French items and Tiffany’s request to increase the deal deadline to the tip of the yr.

Jewellery chain Tiffany instantly filed a lawsuit in Delaware to implement the settlement, saying the request from the French authorities had no foundation in legislation.

Within the go well with on Monday, LVMH talked about the coronavirus disaster, saying {that a} “materials hostile impact” has now occurred. In a powerful rebuke, it additionally slammed Tiffany’s “mismanagement of its enterprise” which, it mentioned, constitutes a blatant breach of its obligation to function within the atypical course.

“As an illustration, Tiffany paid the best doable dividends whereas the corporate was burning money and reporting losses. No different luxurious firm on the planet did so throughout this disaster. There are numerous examples of mismanagement detailed within the submitting, together with slashing capital and advertising and marketing investments and taking over extra debt,” LVMH’s assertion Tuesday mentioned.

—CNBC’s Amelia Lucas and Lauren Thomas contributed to this text.