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French luxury goods maker LVMH, which last year agreed to buy Tiffany & Co for $16.2 billion, is considering buying shares of the U.S. jeweler for less on the open market, Bloomberg News reported on Thursday, citing people familiar with the matter.
Luxury jewelry brand Tiffany & Co. is scheduled to report fourth quarter earnings today, March 20, before market open.
According to the Bloomberg report yesterday, LVMH has discussed the plan to buy Tiffany shares in the market with the company’s board, which could give the potential transaction a green signal, as the latest company is due to report its quarterly results this Friday.
LVMH is yet to make a decision on the transaction and is discussing potential legal hurdles to the idea, the report said.
Last month, LVMH was set to raise 9.3 billion euros from bond markets to help to finance the deal, which is expected to be completed in the middle of 2020. The latest move affirms the French company’s interest in Tiffany.
Still according to Bloomberg, both LVMH and Tiffany were not immediately available for comment.
Global stock markets have slumped since the coronavirus outbreak has halted most business activities, led to the fallout of many industries and spooked investors about a possible recession.
Tiffany has temporarily closed several stores, including its Fifth Avenue flagship store in New York, and reduced working hours at other outlets to stop the spread of the coronavirus.
The company’s share closed up 14.3% at $126.51%.
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Featured Photo : © Tiffany[/vc_column_text][/vc_column][/vc_row]
