25 Mar 2020
Rumors circulated recently indicating that LVMH would consider buying Tiffany shares on the open market.
Bloomberg this week stated LVMH “is considering buying the jeweler’s stock for less on the open market amid a coronavirus-driven slump, people familiar with the matter said.”
“LVMH has discussed the idea with Tiffany’s board, which could grant permission for the potential purchases to go ahead after earnings, said the people, who asked not to be identified as the discussions are private. The French group hasn’t made a final decision on whether to proceed with selective market buying and is discussing possible legal hurdles to the idea, another person said.”
LVMH was quick to squash the rumour and in a short statement said: 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.
Photo: Tiffany & Co Facebook