PARIS, Oct 28 (Reuters) - France’s LVMH on Monday confirmed it had approached U.S. jeweller Tiffany & Co over a possible acquisition, in what would be the Louis Vuitton owner’s biggest purchase to date.
“In light of recent market rumours, LVMH Group confirms it has held preliminary discussions regarding a possible transation with Tiffany,” the company said in a statement. “There can be no assurance that these discussions will result in any agreement.”
LVMH, the world’s biggest luxury goods conglomerate, did not give any financial details.
According to one source familiar with the situation, it submitted a preliminary, non-binding offer to Tiffany earlier this month, Another source said the bid valued Tiffany at about $120 per share, equivalent to a $14.5 billion acquisition offer.
LVMH shares were up 1% in early trading.
Reporting by Sudip Kar-Gupta and Sarah White, editing by Louise Heavens