LVMH Nears Deal to Acquire Tiffany for $16.3 Billion
November 24 2019 - 11:42AM
Dow Jones News
By Ben Dummett and Dana Cimilluca
LVMH Moët Hennessy Louis Vuitton is nearing a deal to buy famed
jeweler Tiffany & Co. for more than $16 billion, according to
people familiar with the matter.
The companies have reached preliminary agreement on a deal that
values Tiffany at $135 a share, or about $16.3 billion, the people
said.
The boards of the luxury companies are meeting Sunday to
finalize the deal and unless there is a last-minute hitch, it is
expected to be announced Monday if not sooner.
The companies have been discussing a deal since LVMH last month
privately approached Tiffany with an offer to buy the upscale
jeweler for $120 a share.
Shares of New York-based Tiffany have surged on hopes of a deal
at a higher price, closing Friday at $125.51. The shares traded
near $140 in the middle of last year.
LVMH has a market value of nearly EUR200 billion ($220 billion).
Buying Tiffany would increase the Paris-based company's exposure to
jewelry, one of the fastest-growing businesses in the luxury
sector.
The Financial Times earlier reported that a deal is close.
--Suzanne Kapner and Matthew Dalton contributed to the
article.
Write to Ben Dummett at ben.dummett@wsj.com and Dana Cimilluca
at dana.cimilluca@wsj.com
(END) Dow Jones Newswires
November 24, 2019 11:27 ET (16:27 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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