PARIS — LVMH Moët Hennessy Louis Vuitton said on Monday that contrary to recent press reports, it did not intend to buy shares in Tiffany & Co. on the open market.
The French luxury giant agreed to acquire Tiffany last November for $135 per share, or $16.2 billion, in the biggest deal in the history of the luxury sector. The U.S. jeweler’s shares have since fallen sharply as global markets have taken a beating due to the coronavirus pandemic.
Bloomberg reported last week that LVMH was considering buying Tiffany shares for less on the open market.
“Rumors circulated recently indicating that LVMH would consider buying Tiffany shares on the open market. These rumors lead LVMH to recall that, in accordance with the agreement concluded with Tiffany in November 2019, LVMH is currently committed not to buy Tiffany shares,” LVMH said in a statement.
Tiffany released fourth-quarter results Friday, which showed a sales increase of 3 percent in the fourth quarter, but a flat year.