French LVMH luxury group acquires the Tiffany jewelry company

The French LVMH luxury goods group has agreed on a purchase price of 14.7 billion euros (16.2 billion USD, 135 USD per share) with US-based jewelry retailer Tiffany & Co. – the French group said in a statement Monday.

The plan of the transaction was approved by the boards of both companies. The takeover bid has yet to be approved by Tiffany shareholders. The acquisition will be completed by mid-next year after shareholder approval and customary supervisory approvals.