ANGELA CHARLTON and RACHEL LERMAN
PARIS (AP) — French luxury group LVMH has agreed to buy New York jeweler Tiffany & Co. for $16.2 billion, adding a famed star to its portfolio that already boasts Louis Vuitton, Christian Dior and Bulgari.
LVMH said in a statement Monday it will take over the 182-year old Tiffany and its 300 boutiques worldwide at $135 a share. The price tag is higher than the $14.5 billion cash offer LVMH made last month.
Tiffany, known for its delicate jewelry, distinctive blue boxes and an Audrey Hepburn movie, says the deal will ensure its long-term sustainability. The company is trying to transform its brand to appeal to younger and more digital shoppers, and could use an owner with deep pockets to help expand its business.
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