French luxury good company, LVMH Moët Hennessy Louis Vuitton has agreed to buy US jeweller Tiffany in a $16.2bn deal.
Luxury Meets Jewellery: French luxury good company, LVMH Moët Hennessy Louis Vuitton has agreed to buy US jeweller Tiffany in a $16.2bn deal.
Tiffany's acquisition is likely to strengthen LVMH's position in jewellery and further increase its presence in the US.
Previously: Tiffany had turned down LVMH's initial advance made just five weeks ago, stating that it significantly undervalued the company. The new deal values each of Tiffany shares at $135 in cash and is higher than the initial offer of $120 a share, which valued the business at $14.5bn. BBC News
Founded in 1837, Tiffany at present employs more than 14,000 people and operates about 300 stores.
The companies said they expected to close the deal in mid-2020, subject to the approval of regulators and Tiffany shareholders.
Watch this to know what Tiffany adds to LVMH.
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