Louis Vuitton owner LVMH mulls Tiffany shares' purchase on open market

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Louis Vuitton owner LVMH mulls Tiffany shares' purchase on open market

LVMH Moët Hennessy or simply LVMH, the Paris-based luxury goods manufacturer and the French multinational conglomerate with long-hailed subsidiaries such as Louis Vuitton, Sephora, Dior, Fendi, Givenchy and a many more, which had agreed to a $16.2 billion takeover of US luxury jeweller, Tiffany & Co.

last year, had been exploring an option to purchase the US jeweller’s shares at a lower price in the open market, a Bloomberg report published late on Thursday, the 19th of March 2020, had revealed citing sources familiar with the subject-matter.

In point of fact, since the identification of first coronavirus patient in the United States, shares’ prices of the US-based jeweller, faltered as much as 16.80 per cent, valuing the company at roughly $13.43 billion, significantly lower than the agreed acquisition proposal.

Nonetheless, followed by the release of Thursday’s (March 19th) Bloomberg report, shares’ prices of the NY-based Tiffany & Co. skyrocketed as much as 13.88 per cent to wrap up the day at $126 per share. Besides, Thursday’s (March 19th) Bloomberg report had also quoted one of the sources as saying on condition of anonymity that the Paris-based multinational luxury goods’ producer had already discussed the move with Tiffany’s management board, while a potential go-ahead signal is expected following Tiffany & Co.’s quarterly report scheduled to be released on Friday (March 20th).