The luxury megadeal is back, thanks to Bernard Arnault.
In a transaction with a total value of more than $6 billion, Arnault’s LVMH Moët Hennessy Louis Vuitton on Monday agreed to acquire 50.4 percent of Rome-based jeweler Bulgari in a cash-and-share swap, and launched a bid for the remaining shares. In typical Arnault fashion, the acquisition will immediately reshape the landscape of the fine jewelry and watch sector, stepping up pressure on LVMH’s competitors Swatch Group and Compagnie Financière Richemont SA and potentially stirring other deals in the luxury sector. The shares of luxury companies worldwide climbed on Monday in the wake of the news despite sharp declines in global stock markets amid heightened worries over the soaring price of oil.
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