(Bloomberg) — LVMH agreed to buy Tiffany & Co. for more than $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 $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.LVMH Chairman Bernard Arnault is challenging Cartier owner Richemont for dominance in the global jewelry business. …read more
Source:: Yahoo Finance
