PARIS—Luxury-goods giant LVMH Moët Hennessy Louis Vuitton SE said Wednesday it was backing out of its $16.2 billion takeover of Tiffany & Co., claiming that both the U.S. jewelry company and the French government asked it to delay the acquisition beyond the closing date allowed by the merger agreement.

LVMH said the French foreign ministry had sent it a letter asking the company to delay the acquisition to after Jan. 6, 2021 because of the threat of trade tariffs from the U.S. LVMH said Tiffany asked to delay the acquisition…

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