PARIS: LVMH agreed to buy Tiffany & Co. for more than US$16 billion in the largest luxury-goods deal ever, raising the French conglomerate’s profile in jewelry and giving it access to a broader swath of American shoppers.
The owner of the Louis Vuitton brand agreed to pay US$135 a share for the U.S. jeweler, according to a statement Monday. That values Tiffany 37% above the closing price before Bloomberg reported an initial $120-a-share approach Oct. 26. Boards of both companies approved the proposal on Sunday.
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