// Tiffany investors green light £12.6bn takeover by LVMH
// The deal was announced in November, and involved LVMH paying £103 per share in cash to acquire Tiffany
Tiffany shareholders have approved the €14.7 billion (£12.60 billion) deal that will see the jewellery retailer acquired by French luxury conglomerate LVMH.
The deal was initially announced back in November, and involved LVMH paying $135 (£103) per share in cash to acquire Tiffany and was approved “overwhelmingly” by the jeweller’s shareholders on Tuesday.
“This approval is a significant milestone as we move closer to completing our acquisition of Tiffany, an iconic company with a rich heritage and unique positioning in the global luxury jewellery market,” LVMH chairman and chief executive Bernard Arnault said.
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Tiffany will be joining LVMH’s list of brands such as Bulgari, Chaumet, Tag Heuer and Hublot.
LVMH recorded a double-digit increase in revenue during the fourth-quarter.
The group reported “exceptional growth at Louis Vuitton and Christian Dior”.
Revenue for the full year grew by 15 per cent to €53.7 billion (£45.4 billion), while fourth quarter revenue increased 12 per cent compared to the same period in 2018.
Profit reached €11.5 billion (£9.7 billion) in 2019, up 15 per cent compared to 2018.
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