By Eurasia Business News – January 3rd, 2021
Amid the COVID-19 crisis, the global market for Online Jewellery was estimated at USD 21.5 Billion in 2020 – Photo credit : Pexels.
Shareholders of the American jewellery retail chain Tiffany & Co. largely approved the updated merger agreement with the French luxury goods manufacturer LVMH Moet Hennessy Louis Vuitton.
LVMH reported in a press release that at an extraordinary meeting held on December 30, the vast majority of Tiffany shareholders agreed to the amended merger agreement announced on October 29, 2020
The deal is expected to be finalized on January 7, 2021.
After negotiations in October 2020, LVMHmade the offer to pay $ 131.5 per share for Tiffany & Co., thus valuing it at $ 15.8 billion. At the same time, Tiffany will pay dividends to its shareholders in the amount of $ 0.58 per share. LVMH was initially willing to pay $ 135 per share for Tiffany, under the terms of the initial merger agreement concluded in November 2019. LVMH’s share price increased by 20.72% in 2020, revealed the corporate communication. On December 31 the stock price amounted to 510.90 euros while the LVMH capitalization was worth 257.881 billion of euros (FR0000121014 MC – Euronext).
The capitalization of Tiffany & Co. as of December 31 amounted to 15.960 billion US dollars, with stock price amounting to 131.450 USD at NYSE (US8865471085 TIF).
Founded in 1987, LVMH Moet Hennessy Louis Vuitton SE is a France-based luxury group active in wines and spirits, fashion and leather goods, perfumes and cosmetics, watches, jewellery and selective retailing.
Born in 1837, Tiffany & Co. is an American luxury jewellery store and specialty retailer headquartered in New York City. She sells jewellery, sterling silver, porcelain, crystal, stationery, perfume, water bottles, watches, personal accessories and leather goods. Tiffany is known for its luxury goods, especially diamond and sterling silver jewellery.
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