LVMH is nearing a deal to buy Tiffany & Co. for more than $16 billion, according to people familiar with the matter
By Ben Dummett and Dana Cimilluca Updated Nov. 24, 2019 11:23 am ET LVMH Moët Hennessy Louis Vuitton LVMUY 0.18% is nearing a deal to buy famed jeweler Tiffany TIF -0.78% & Co. for more than $16 billion, according to people familiar with the matter.
The companies have been discussing a deal since LVMH last month privately approached Tiffany with an offer to buy the upscale jeweler for $120 a share. The 182-year-old brand has been trying to rebuild its business after ousting its chief executive two years ago amid pressure from an activist investor. The stock, which had slumped near $60 in 2016, had been hovering around $100 for much of the past year before LVMH’s overture surfaced.
Being part of a luxury-goods giant could help Tiffany weather such external challenges and return to growth.
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