LVMH, the luxury brand that owns Louis Vuitton, Moët and Hennessy, is reportedly making a $14.5 billion deal to buy jeweller, Tiffany & Co, sending its stock soaring in pre-market trading.
The luxury group first approached Tiffany earlier this month in a bid to expand its access to US luxury shoppers, as reported by Bloomberg Saturday, with Tiffany confirming the talks on Monday.
Citing people familiar with the matter, Bloomberg reported that though there’s no guarantee a deal will be reached, the current offer values Tiffany at $120 a share, 22% higher than Friday’s closing price.
