Tiffany snapped up by Louis Vuitton owner for $16bn

The luxury brand giant behind Louis Vuitton is to buy the jewellery powerhouse Tiffany in a deal worth $16.2bn (£12.6bn).

The agreed takeover offer by LVMH of $135 (£105) a share for the company – made famous by the 1961 film Breakfast at Tiffany’s starring Audrey Hepburn – is far higher than the initial proposal of $120 (£93) made last month.

The move adds the US-based firm to a stable of high-end brands, including Christian Dior, Givenchy and Moet & Chandon.

Image:Founded in 1837, the brand is one of the best-known names in the sector, but has been struggling

It comes eight years after LVMH – controlled by French billionaire and Europe’s richest man Bernard Arnault – bought Italian jeweller Bulgari for €3.7bn (£3.2bn) 2011.

“The acquisition of Tiffany will strengthen LVMH’s position in jewellery and further increase its presence in the United States,” the companies said in a joint statement.

Mark Gibson

Graduates in Northwestern University, Evanston, Illinois 1990. Move to Los Angeles California in 2004. Specialized in Internet journalism.

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