LVMH, the world's biggest luxury goods conglomerate, confirms talks over a possible acquisition of jeweler Tiffany & Co, sending LVMH’s shares up 1% in early trading
FILE PHOTO: The logo of U.S. jeweller Tiffany & Co. is seen at a store in Nice, France, October 27, 2019. REUTERS/Eric Gaillard
PARIS - France’s LVMH on Monday confirmed it had approached U.S. jeweler Tiffany & Co over a possible acquisition, in what would be the Louis Vuitton owner’s biggest purchase to date. “In light of recent market rumors, LVMH Group confirms it has held preliminary discussions regarding a possible transaction with Tiffany,” the company said in a statement. “There can be no assurance that these discussions will result in any agreement.”According to one source familiar with the situation, it submitted a preliminary, non-binding offer to Tiffany earlier this month, Another source said the bid valued Tiffany at about $120 per share, equivalent to a $14.5 billion acquisition offer.
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