LVMH set to snap up Tiffany in £13bn deal
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.