LVMH, the world’s biggest luxury group, said today that it had approached Tiffany & Co about a possible takeover of the U.S. jeweler, Reuters reported. “In light of recent market rumors, LVMH Group confirms it has held preliminary discussions regarding a possible transaction with Tiffany,” the company said in a statement. “There can be no assurance that these discussions will result in any agreement.” LVMH, which owns the Louis Vuitton and Bulgari brands among others, is said to have proposed a bid valuing Tiffany at about $120 per share. That would be equivalent to a $14.5 billion acquisition offer - which would make it the acquisitive French group’s biggest purchase to date.
