PARIS — Confirming reports over the weekend that LVMH Moët Hennessy Louis Vuitton has been engaged in talks to take over Tiffany & Co., the French luxury giant said on Monday that it had held talks on the matter.
“In light of recent market rumors, the LVMH Group confirms that 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,” it added.
Reports suggested the French luxury group held takeover talks with the premier American luxury brand, a potential move that would make sense, some analysts have said.
Bloomberg and French news wire AFP reported on Saturday that LVMH approached Tiffany with a takeover proposal of $120 a share earlier this month, and that the American jewelry brand is evaluating the bid. The Financial Times reported on Sunday that Tiffany is expected to reject the offer.
Tiffany declined to comment on the matter over the weekend. The acquisition of the company would strengthen LVMH’s positioning in the luxury jewelry segment. The French group owns Bulgari, which it bought in 2011 for $5.2 billion, along with Chaumet, Fred and the watch brands Tag Heuer, Hublot and