Luxury goods giant LVMH to take controlling stake in Bulgari
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Luxury goods giant LVMH to take controlling stake in Bulgari

Luxury goods giant LVMH to take controlling stake in Bulgari
lvmh In October last year, LVMH Moët Hennessy Louis Vuitton bought a 17 percent stake in the family-controlled Hermès International and now, the French luxury goods conglomerate has announced to take a controlling stake in Bulgari SpA in an all-share deal. The big deal, which is being expected to happen today, will put Bulgari under the portfolio of LVMH, which owns more than 60 luxury brands, including Louis Vuitton, Moët et Chandon, TAG Heuer, Christian Dior, Fendi and Céline. The agreement will see the Bulgari family tender its 51 percent share in a share swap that will make it the second-biggest family shareholder in LVMH. Financial Times has reported that a tender offer for the remaining listed shares would also be done on Monday. A person familiar with the deal said that the Bulgari family, including brothers Paolo and Nicola, were all ready to do a share swap with Bernard Arnault, chairman and chief executive of LVMH. As part of the agreement, Bulgari Chief Executive Francesco Trapani is said to take a senior role in the LVMH group. Italy's luxury jeweler Bulgari has a market value of about €2.3 billion ($3.22 billion) (at Friday’s close). Via: WSJ
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