LVMH is set to buy Tiffany & Co for $16.7bn, after the US jeweller convinced Bernard Arnault’s luxury group to raise its takeover offer by about $600m to clinch an agreement, according to people close to the deal.
The deal, one of the biggest in the career of Mr Arnault, amounts to a bet by Europe’s richest man that his group can restore the brand to its former glory as a top name in global luxury.
The boards of both companies are meeting on Sunday to approve the latest all-cash bid from LVMH for the US business known for its diamond engagement rings. At $135 a share, the improved takeover offer values Tiffany at $16.3bn before including net debt of $350m.
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