- Calls to charge tourists to enter Paris' Notre-Dame cathedral
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- Thai massacre families left without justice as charge deadline expires
- Cricketer David Warner's lifetime leadership ban lifted
- Springsteen, at Harris rally, warns of 'American tyrant' Trump
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- Tottenham teen Moore compared to Neymar after Europa League starring role
- 'Freedom': Russian anti-war sisters find new home in exile
- Ten Hag bemoans United's lack of 'killing' instinct, Spurs march on
- Commonwealth presses UK to atone for brutal past
- Pacers' Wiseman suffered torn Achilles tendon in season opener
- Google urged to step up efforts to demonetize climate falsehoods
- Norris says 'I'll do what I think is right' in Verstappen battle
- USA Volleyball names Kiraly men's coach through '28 Olympics
- Spurs march on as Mourinho red-carded against Man Utd in Europa League
- LA prosecutor to ask for resentencing of Menendez brothers
- Spurs march on in Europa League as Mourinho sees red against Man Utd
- US court blocks Coach owner's $8.5 bn buyout of Versace parent
- Unbeaten NFL Chiefs welcome Hopkins before facing Vegas
- 'Heroes': WNBA champions Liberty feted with NY parade
- IMF official calls on international community to bring end to Lebanon conflict
- Felix double fires Chelsea in Conference League rout, TNS make history
- Mourinho sees red as Fenerbahce hold Man Utd
- Sainz insists leaving Ferrari does not mean farewell to winning
- Huge US lithium mine gets govt approval
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- Venice to continue tourist entry fee in 2025
- Israel and Hamas signal openness to talks on Gaza war
- Bottas admits Mercedes supporting role may be only option
- Harris deploys Springsteen in celeb-heavy push
- Mozambique's ruling party re-elected, opposition holds protests
- Machado and Gonzalez Urrutia: Venezuela's 'fearless' opposition duo
- Detroit's Williams get two game NFL suspension for PED breach
- Drifting off - US late night talk shows no longer must-see TV
- Hoy has 'deep resolve' to find positives from cancer diagnosis
- Felix double fires Chelsea in Conference League rout
- Huge US lithium mine gets govt approval: company
- NBA Pelicans lose guard Murray indefinitely with broken hand
- Luton striker Adebayo targeted with 'cowardly' racist abuse
- Saudis part ways with coach Mancini after poor run
- Canada slashes immigration as public concern rises
- Ukraine says N. Korean troops arrived in Russian 'combat zone'
- Putin says ball in Washington's court on US-Russia ties
- US unveils national security plan to step up use of AI
- King of the road Pogacar pens UAE deal until 2030
- Sharapova, Bryan brothers elected to Tennis Hall of Fame
- Israel to send negotiators to new Gaza truce talks
- UK govt changes budget rules to borrow more for investment
- Carrasquilla and Dumornay named CONCACAF's players of the year
- Mongolia failed to cooperate in Putin arrest: ICC
US court blocks Coach owner's $8.5 bn buyout of Versace parent
A US judge on Thursday blocked fashion group Tapestry's $8.5 billion deal to buy Capri, which owns luxury brands including Michael Kors and Versace, citing a potential loss of competition.
The deal, seen as an attempt to create a new global fashion giant to compete with European powerhouses, was halted by a court in New York after the US Federal Trade Commission (FTC) sued to prevent it earlier this year.
"The Court finds that the merging parties are close competitors, such that the merger would result in the loss of head-to-head competition," court documents read, after seven days of testimony.
Tapestry owns brands including Coach and Kate Spade.
Among concerns were that the companies could have an incentive to reduce discounts and increase prices if the merger went through.
The ruling is seen as a victory for the FTC, an independent agency whose current chair was appointed by President Joe Biden.
It also comes ahead of the US presidential election on November 5, in which heightened costs of living have been a key voter concern.
- Antitrust action -
Both the FTC and the Department of Justice's antitrust division have ramped up action against corporate mergers in recent years.
Capri shares plunged by around 50 percent in after hours trading.
Tapestry shares were up by more than 11 percent.
In court documents Thursday, the companies argued that the ruling effectively blocks the merger permanently.
The takeover had aimed to boost sales by combining customer data streams, broadening geographic reach and achieving some $200 million in annual cost savings within three years of the deal closing, the two companies said last year.
The acquisition would have given Tapestry an upscale portfolio with multiple brands focused on shoes and handbags, as well as a strengthened apparel offering with Versace and Kors, a celebrity favorite.
Tapestry and Capri did not immediately respond to requests for comment.
In pushing to block the deal this year, the FTC argued the proposed merger threatened to "deprive millions of American consumers of the benefits of Tapestry and Capri's head-to-head competition."
Earlier this year, JetBlue and Spirit Airlines pulled the plug on a merger weeks after a federal judge ruled that it violated US antitrust law.
At the time, Biden lauded the decision, saying the merger would have forced higher fares and fewer choices on US consumers, calling it a success that his administration blocked it.
M.Fischer--AMWN