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11/25/2019, 8:20 AM (Source: TeleTrader)
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LVMH confirms $16.2B Tiffany acquisition

French luxury goods conglomerate LVMH Moet Hennessy – Louis Vuitton SE confirmed on Monday its acquisition of American jeweler Tiffany & Co. for $16.2 billion or $135 per share in cash.

The deal, the largest ever in the luxury goods sector, is expected to be finalized in mid-2020, the company added.

LVMH initially offered $120 per share, which was hiked to the current bid after Tiffany claimed the offer significantly undervalued the company.

Breaking the News / JC