Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

'Macron-economy' pun already worn out

Read more

DEBATE

What Next for Gaza? Lasting Ceasefire Agreed After 50 Days of War

Read more

DEBATE

What Next for Gaza? Lasting Ceasefire Agreed After 50 Days of War (part 2)

Read more

BUSINESS DAILY

New French economy minister signals changes to 35-hour week

Read more

IN THE PAPERS

Valls ♥ Business

Read more

FOCUS

Video: Milan is starting point for Syrian refugees’ European odyssey

Read more

MIDDLE EAST MATTERS

Terrorist ransoms: Should governments pay up for hostages?

Read more

ENCORE!

Kristen Stewart and Juliette Binoche star in 'Clouds of Sils Maria'

Read more

WEB NEWS

India: journalist launches "Rice Bucket Challenge"

Read more

  • Assad cannot be partner in fight against terrorism, says Hollande

    Read more

  • Kiev says Russian troops have entered Ukraine

    Read more

  • Platini will not run against Blatter for FIFA presidency

    Read more

  • Video: 'Neither Baghdad nor the US can defeat the Islamic State'

    Read more

  • Air France pilots announce week-long strike in September

    Read more

  • Erdogan's inauguration paves way for constitutional change

    Read more

  • New French economy minister takes swipe at 35-hour work week

    Read more

  • Air France suspends flights to Ebola-stricken Sierra Leone

    Read more

  • Uzi shooting by 9-year-old rekindles gun debate

    Read more

  • Mother of American journalist asks IS leader for his release

    Read more

  • UN probe accuses Syrian regime, Islamists of ‘crimes against humanity’

    Read more

  • Uruguayans sign up to grow marijuana at home

    Read more

  • Missouri governor appoints black public safety director

    Read more

  • French unemployment rises 0.8% in July to record high

    Read more

  • Video: Iraq’s Yazidis flee to spiritual capital of Lalish

    Read more

  • Video: Milan is starting point for Syrian refugees’ European odyssey

    Read more

  • Airstrikes and Assad - Obama’s military conundrum in Syria

    Read more

Business

French luxury group LVMH buys Bulgari for €4.3 billion

Text by News Wires

Latest update : 2013-10-22

France’s giant luxury group LVMH has announced a €4 billion deal to take over Italian luxury watch and jewellery maker Bulgari.

AP - French fashion colossus LVMH Moet Hennessy Louis Vuitton is adding another jewel to its crown.

The Paris-based holding company behind luxury brands Christian Dior gowns, Dom Perignon champagne and Guerlain perfume has agreed to buy Rome-based jeweler Bulgari SpA in a cash-and-shares deal worth €4.3 billion ($6 billion).
 
The deal will see Bulgari’s founding family become the second largest family shareholders in LVMH behind that of Chief Executive Bernard Arnault.
 
France’s richest man, Arnault has grown LVMH into a €20 billion company since its creation in 1987, acquiring an impressive portfolio of luxury brands that extends to Chateau d’Yquem wine and TAG Heuer watches.
 
His latest takeover adds the fabled jeweler favored by Hollywood stars like Elizabeth Taylor, whose collection included an 18-carat emerald brooch surrounded by diamonds - the only piece of jewelry she wore to her first wedding to Richard Burton.
 
The jeweler also designed the 1967 gold, emerald, ruby and sapphire necklace worn by Keira Knightley at the Oscars in 2006
 
LVMH said in a statement it will exchange 16.5 million of its own shares for the 56 percent stake in Bulgari owned by the company’s founding family.
 
LVMH will offer the remaining Bulgari shareholders €12.25 ($17.10) per share in a public offering. Following the deal, the Bulgari family will own 3 percent of LVMH.
 
Bulgari is the smallest among the major luxury watch and jewelry makers. It was started in 1884 by Greek immigrant Sotirios Bulgari, who opened the flagship Via Condotti store in Rome in 1905, and has expanded to more than 260 stores.

 

Date created : 2011-03-07

  • BUSINESS

    LVMH ups Hermès stake amid takeover speculation

    Read more

  • FRANCE

    Court orders eBay to pay LVMH €1.7 million for unauthorised sales

    Read more

COMMENT(S)