* Fund queries LVMH tender offer price-paper
* Raising tender bid would cost LVMH 300 mln euros-paper
* LVMH declines to comment
MILAN, July 24 Italian market regulator Consob
is examining a complaint from a fund over the price French
luxury group LVMH plans to pay for shares in Italian
jeweller Bulgari , a Consob spokesman said on Sunday.
At the end of June, LVMH took control of Bulgari when the
Bulgari family owners swapped their 55 percent stake into LVMH
shares, part of LVMH's share-and-cash takeover announced in
March that valued Bulgari at 3.7 billion euros ($5.3 billion).
On July 18, Bulgari issued a clarification on the number of
shares swapped saying the total number transferred to LVMH
included an extra 57,000 shares owned by Paolo and Nicola
Bulgari not included in the March statement.
Two days later LVMH launched its planned 12.25 euros per
share cash offer for remaining Bulgari shares, as announced in
March, filing its offer document with Consob.
On Sunday, Italian daily Il Sole 24 Ore said an unnamed fund
had complained to Consob that the 57,000 share swap, disclosed
last week, was made at 13.45 euros and that fund investors
should also get this price from LVMH.
A second fund, Artannes Capital sent a similar letter to
Consob, Il Sole said, adding it had a copy of that letter.
The paper said the higher price for Bulgari shares would
cost LVMH an extra 300 million euros.
A spokesman for Consob said it had received a complaint and
would examine it in the next few days.
LVMH declined to comment. A spokesman for Bulgari could not
be reached for a comment.
(Additional reporting by Christian Plumb in Paris; Writing by
Nigel Tutt; Editing by Erica Billingham)
((firstname.lastname@example.org; +39 02 66129723; Reuters
($1 = 0.696 Euros)