Tiffany shareholders approve USD 16.2-bn bid by France's LVMH
The shareholders of US jewellery company Tiffany gave the green light Tuesday for its acquisition by luxury behemoth LVHM for a sum of USD 16.2 billion, setting the French firm up to become a power player in fine gems at a time that demand is soaring.
The deal comes after a long wooing campaign by LVMH, already the world's top luxury firm overall, for one of the world's most famous jewellery houses, known for wedding rings and diamonds.
In a statement, LVMH announced that "stockholders of Tiffany & Co have voted overwhelmingly to approve the previously announced merger agreement relating to the proposed acquisition of Tiffany by LVMH."
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