LVMH Moët Hennessy Louis Vuitton has edged closer to completing the €14.7bn/$16.2bn purchase of Tiffany & Co. after the latter’s shareholders approved the deal.
Stockholders at a special meeting held on Tuesday (4 February) voted ‘overwhelmingly’ in favour of the merger agreement, which was revealed in November.
LVMH is to acquire the global luxury jeweller for $135 per share in cash as part of a definitive agreement. The transaction is set to finalise in the middle of this year pending regulatory approvals and other closing conditions.
Bernard Arnault, Chairman and Chief Executive Officer of LVMH said: “This approval is a significant milestone as we move closer to completing our acquisition of Tiffany, an iconic company with a rich heritage and unique positioning in the global luxury jewellery market.
“A globally recognised symbol of love, Tiffany will be an outstanding addition to our unique portfolio of luxury brands. We look forward to welcoming Tiffany into the LVMH family and helping the brand reach new heights as an LVMH Maison.”
As reported, Group revenue increased by 15% in 2019 to €53.7bn in 2019, with the Selective Retailing Division (including DFS Group, Starboard Cruise Services and Sephora) posting a resilient organic revenue performance of +5% to €14.8bn.