LVMH, the world's biggest luxury group, said on Monday it had approached Ti...
PARIS - LVMH, the world’s biggest luxury group, said on Monday it had approached Tiffany & Co about a possible takeover of the U.S. jeweler.
One source familiar with the matter said LVMH, which owns the Louis Vuitton and Bulgari brands among others, had proposed a bid valuing Tiffany at about $120 per share. That would be equivalent to a $14.5 billion acquisition offer - which would make it the acquisitive French group’s biggest purchase to date.Cash-rich LVMH did not give any financial details.
That has pressured its sales in recent quarters, as it tries like its rivals to push further into mainland China to capture the shift in spending patterns as Chinese clients splurge more at home.
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