LONDON — Johann Rupert, executive chairman of Compagnie Financiere Richemont, said Thursday he had no plans to buy Tiffany & Co. There has been speculation over the last few days that Richemont was in talks to buy the jewelry retailer, whose shares rose 3.26 percent on Wednesday on the rumors. On Thursday, Tiffany’s shares dropped 1.2 percent from the prior close to $32.86. The stock’s 52-week high is $38.20, the low, $27.
“I never comment on rumors, but let me say this: I am not planning on selling any shares in British American Tobacco. So it should follow that I’m not planning to borrow $5 billion to buy a company,” he told WWD in a telephone interview. “I have a high regard for Tiffany management. Whoever starts these rumors has clearly not studied the inside of Tiffany — and all of the poison pills they have.”
This story first appeared in the June 10, 2005 issue of WWD. Subscribe Today.