/Louis Vuitton parent company LVMH reportedly makes takeover bid for Tiffany & Co.

Louis Vuitton parent company LVMH reportedly makes takeover bid for Tiffany & Co.

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Paris-based LVMH has reportedly made a bid to acquire Tiffany & Co.

The parent company of Louis Vuitton, Moët Hennessy and other luxury brands offered about $14.5 billion for the U.S. jeweler, Bloomberg reported, citing people familiar with the matter.

If the transaction is completed, it will be LVMH’s largest purchase ever, surpassing its $7 billion deal to gain complete control of Christian Dior in 2017, and could be among the biggest deals by a European company in 2019, Bloomberg said.

The all-cash bid values Tiffany at about $120 a share, about 22% more than the company’s closing price on Friday, persons told Bloomberg. Tiffany & Co. has a market value of about $11.9 billion.

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LVMH, which has been looking for ways to expand its U.S. presence, made a preliminary, non-binding offer to Tiffany earlier this month, Reuters reported

Tiffany & Co. this month launched a new line of men’s jewelry – part of its strategy to attract younger shoppers and stoke sales, which have been dampened by a decline in spending by tourists from China and elsewhere.

The jeweler’s global sales for the first half of 2019 declined 3% to $2.1 billion, Tiffany & Co. announced in August. Among the factors: increased tariffs on its items shipped and sold in China.

Tiffany & Co. declined comment to USA TODAY on the report.

Follow USA TODAY reporter Mike Snider on Twitter: @MikeSnider.

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