LVMH Moet Hennessy /zigman2/quotes/201350549/delayed FR:MC +0.98% said it will not be able to complete the previously announced takeover of U.S. luxury goods retailer Tiffany "as it stands." LVMH cited both a letter from the French government asking for a delay in light of the threat of tariffs on French products by the U.S., as well as Tiffany's request to extend the deadline from Nov. 24 to Dec. 31. Tiffany shares slumped 13% in premarket trade, while LVMH was 0.5% lower in Paris. Tiffany for its part said it filed a lawsuit in Delaware to enforce the acquisition. "The lawsuit not only makes clear that LVMH is in breach of its obligations relating to obtaining antitrust clearance, but also refutes LVMH's suggestions that it can avoid completing the acquisition by claiming Tiffany has undergone a Material Adverse Effect ("MAE") or breached its obligations under the Merger Agreement, or that the transaction is in some way inconsistent with its patriotic duties as a French corporation," said the Tiffany release.