LVMH set to snap up Tif­fany in £13bn deal

Scottish Daily Mail - - City & Finance -

LOUIS Vuit­ton’s owner LVMH is clos­ing in on a £13bn deal to buy high­end jew­eller Tif­fany & Co.

Tif­fany, worn by celebri­ties such as Lady Gaga (pic­tured), has man­aged to squeeze even more money out of LVMH since the lux­ury goods group first de­clared its in­ter­est last month.

The French firm, led by Europe’s rich­est man Bernard Ar­nault, orig­i­nally pro­posed an all­cash of­fer of $120 per Tif­fany share. Its lat­est bid stands at $135 per share, the Fi­nan­cial Times re­ported. The boards of both Tif­fany and LVMH were set to meet last night to dis­cuss the lat­est of­fer. A deal could be an­nounced to­day.

Tif­fany, renowned for its turquoise boxes, was founded in the US in 1837 by Charles Lewis Tif­fany.

The deal will be one of the big­gest in Ar­nault’s ca­reer, and will add an­other big-name brand to LVMH’s sta­ble, which al­ready in­cludes fash­ion house Dior and Moet & Chan­don cham­pagne.

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