Louis Weedon Er Bought Bvlgari At 5 Billion 200 Million US Dollars.
MOET & CHANDON LVMH Moet Hennessy Louis Vuitton (LVMH.MI) (hereinafter referred to as "Louis Weedon") plans to purchase Italy luxury group at a price of about 3 billion 700 million euros (US $5 billion 200 million), Louis.
Bvlgari
(Bulgari SpA), the paction will double the size of its watches and jewellery department, and is Louis Weedon's biggest acquisition in at least 10 years.
According to a joint statement issued by the Italy stock exchange and Louis Weedon, Louis Weedon agreed to buy 50.4% of Bvlgari's Bvlgari stake at a price of 1 billion 870 million euros (US $2 billion 610 million), and will initiate a takeover offer for the remaining shares.
Compared with the closing price of Bvlgari stock in Milan in March 4th, the price of the takeover paction is 61% higher.
Louis Weedon CEO Bernard Arnott (Bernard Arnault) has passed a series of
Merger
Bvlgari has become the world's third largest jewellery maker. Arnott's plan to acquire the company is aimed at slowing the growth of Louis Weedon's sales by lagging behind larger competitors such as Cie Financiere Richemont SA (CFRHF), the world's largest jewelry manufacturer.
Bvlgari is adding cheaper products to its product mix.
High-end
Watches are due to the rebound in market demand after a recent recession.
Louis Weedon's trading consultant is Credit Agricole CIB (ACA), and Bvlgari's consultancy is Credit Suisse (CS).
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