Tiffany agrees to revised terms on LVMH takeover deal

The largest deal in luxury is back on after New York's famed jeweler Tiffany agreed to a slightly lower offer from from LVMH in Paris.

LVMH will now pay $131.50 per share for Tiffany's stock, down from $135 per share, putting the price tag at $15.8 billion, down from $16.2 billion, the companies said Thursday.

LVMH appeared to walk away from the acquisition last month after it said the French government had pushed for a delay to assess the threat of proposed U.S. tariffs.

Rumors that both were still interested in making the deal happen began to surface in recent days.

The buyout has been approved by the boards of both companies, and it's expected to close early next year.