LVMH to buy Tiffany for $16bn | Calamatta Cuschieri

Market summary

Maltese market closed in red on Friday, with MSE total index ending the session 0.178% lower to 9,717.441 points. Best performer was BMIT Technologies plc, it climb 0.97% to close at 0.52, followed by 0.56% jump of PG plc with closing price at 1.80. Biggest fall, of 1.87% was seen from RS2 Software plc, it closed at 2.101. Followed by Bank of Valletta plc which fell 0.46% to close at 1.09. GO plc, Malta International Airport plc and Malta Properties Company plc were active but closed unchanged.

European stocks were higher on Friday as investors' trade war worries were alleviated by comments from Chinese President Xi Jinping. By the end of trading, the Stoxx 600 was ahead by 0.46% at 404.09, as Germany's Dax rose by 0.2% to 13,163.88 and the French CAC 40 climbed by 0.2% to 5,893.13. Meanwhile, London's FTSE 100 was 1.21% higher at 7,325.78.

US stocks closed higher ahead of the Thanksgiving Day holiday as stocks snapped the three-day losing streak that halted its historic rally. At the close, the Dow Junes Industrial Average was up 0.39% at 27,875.62, while the S&P 500 picked up 0.22% to 3,110.29 and the Nasdaq Composite saw out the session 0.16% firmer at 8,519.88.

Louis Vuitton owner LVMH to buy Tiffany for $16bn

LVMH, the world’s biggest luxury group, has agreed to buy Tiffany & Co, the US jeweller famed for its engagement rings and white diamond necklaces, in a $16.2bn deal.

Bernard Arnault’s luxury goods empire, which includes brands such as Louis Vuitton, Christian Dior and Moët & Chandon, announced it would pay $135 a share in cash.

LVMH said the deal would transform its watches and jewellery division, which includes Bulgari, TAG Heuer and Hublot, and boost its presence in the US. It is the latest addition to the group’s 75 big brands, known as “maisons” or houses.

Founded in 1837 when Charles Lewis Tiffany opened the first store in downtown Manhattan, New York, Tiffany now has more than 300 stores worldwide and employs more than 14,000 people.


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