The shareholders of US jewellery company Tiffany gave the green light Tuesday for its acquisition by luxury behemoth LVHM for a sum of USD 16.2 billion, setting the French firm up to become a power player in fine gems at a time that demand is soaring.
The deal comes after a long wooing campaign by LVMH, already the world's top luxury firm overall, for one of the world's most famous jewellery houses, known for wedding rings and diamonds.
In a statement, LVMH announced that "stockholders of Tiffany & Co have voted overwhelmingly to approve the previously announced merger agreement relating to the proposed acquisition of Tiffany by LVMH."
According to an agreement announced in November, LVMH will pay USD 135 per share in cash,"in a transaction with an equity value of approximately 14.7 billion euros or USD 16.2 billion," it said.
"This approval is a significant milestone as we move closer to completing our acquisition of Tiffany, an iconic company with a rich heritage and unique positioning in the global luxury jewelry market," added billionaire Bernard Arnault, the CEO of LVMH.
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