LVMH acquires Bulgari for $5.2 billion
Paris -- A report released Monday by Reuters said that French luxury group LVMH will acquire Italian luxury jeweler Bulgari for $5.2 billion.
The offer, according to the report, is a 60% premium to Bulgari’s average share price, and indicates that the bounce-back of the luxury market could occur at a faster rate than Wall Street anticipated.
Rival bidders included the Richemont group and PPR, according to Reuters.