// LVMH places takeover bid on Tiffany
// The bid values the jeweller at £11.3bn
// There is currently no certainty a deal will be agreed
LVMH has placed a takeover bid on Tiffany & Co, reportedly valuing the US jeweller at $14.5 billion (£11.3 billion).
The exact price that LVMH is offering to buy Tiffany for remains unspecified.
The luxury goods company said it has had preliminary discussions with Tiffany, but there was no certainty a deal would be agreed.
LVMH, owned by Bernard Arnault, is the holding company for luxury retailers including Christian Dior, Bulgari, Hublot, and Louis Vuitton.
The deal is expected to strengthen LVMH’s jewellery division, putting it in better position to compete against Richemont.
LVMH has 75 brands, 156,000 employees and a network of more than 4590 stores, while Tiffany employs more than 14,000 people and operates about 300 stores globally.