LVMH Is Buying Tiffany & Co. for US $ 16.2 Billion

Global luxury goods giant Louis Vuitton Moet Hennessy, known by the acronym LVMH, announced that it is buying the Tiffany & Co. jewelry company for US $ 16.2 billion, France Press reported.

In a statement Monday, Tiffany chairman Roger N. Farah said the deal would give the company "an exciting path forward with a group that appreciates and will invest in Tiffany's unique assets and strong human capital."

This is the biggest acquisition in the history of billionaire Bernard Arnault's company, AFP notes.

Last night, informed sources reported that Tiffany and LVMH were close to an agreement in the talks, which began in mid-October.

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