The American chain Tiffany will reject the takeover bid of the French luxury goods producer Louis Vuitton Moët Hennessy (LVMH). That is what insiders say. The proposal is said to be worth $ 14.5 billion.
Tiffany advisers are currently reviewing LVMH’s proposal, but sources say it would undervalue the company. Various shareholders have already described the price as too low.
LVMH has been looking for some time for opportunities to expand on the American market. The company is owned by founder and CEO Bernard Arnault and owns brands such as Dior, Louis Vuitton and Sephora. In 2011 it took over the Italian jeweler Bulgari for billions.
The American Tiffany was founded in 1837 by jeweler Charles Lewis Tiffany. About 14,000 people currently work there. The chain came into the hands of cosmetics company Avon in 1979 and was subsequently taken over by investors. Tiffany has been listed on the stock exchange since 1987. The most famous store of the company is the ultra-chic branch on Fifth Avenue in New York. That location also became known from the book, and later the 1961 ‘Breakfast at Tiffany’s’ starring Audrey Hepburn.