The world's largest luxury conglomerate is reportedly close to finalizing a deal to acquire Tiffany for $16.3 billion
- LVMH is close to buying US jewelry chain Tiffany & Co for about $16.3 billion after sweetening its offer, sources said on Sunday, as the owner of Louis Vuitton and Bulgari aims to tap the fast-growing luxury jewelry market.
The boards of both companies will be presented with the terms of the deal on Sunday, one source said. A deal could be announced later on Sunday or on Monday, two other sources said.The new price is up from $130 last week and $15 higher than the original all-cash offer delivered to Tiffany by LVMH managing director Antonio Belloni on Oct. 18.
LVMH, owned by Europe's richest man, Bernard Arnault, has eyed the company for years after buying Italy's Bulgari in 2011 for 3.7 billion euros, at the time the largest luxury goods deal in a decade. Known for its signature robin's egg blue packaging, Tiffany rebuffed LVMH's initial advance made just five weeks ago, arguing it significantly undervalued the company.
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LVMH reaches deal to acquire Tiffany for $16.3 billionThe boards of the luxury firms have been discussing a potential deal since last month, and will meet on Sunday to approve a final plan.
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