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Luxury fashion retail business group, Moet Hennessy Louis Vuitton SA (LVMH) has said it will take over ownership of high-end jewelry company Bulgari to the transaction value is almost $ 3, 4 billion.
GROUP luxury fashion retail company, Moet Hennessy Louis Vuitton SA (LVMH) has said it will take over ownership of high-end jewelry company Bulgari with transaction values almost $ 3, 4 billion.
According to its official statement, the company famous for luxury bag products that will bring Bulgari remain stable in the face of high demand from emerging market countries.
"LVMH will buy 50.4 percent stake in Bulgari, equivalent to 16.5 million shares of the total 152 million shares owned by the Bulgari family," said LVMH, as released by Reuters on Monday (03/07/2011).
In addition, LVMH also has the option to purchase other shares valued at 12.25 euros per share, a premium of almost 50 percent from its closing price last week that only 7.5 euros per share. However, the new agreement will be implemented if the initial purchase.
Bulgari added, agreed to transfer ownership to LVMH because the company owned by billionaire Bernard Arnault is believed to ensure the future of Bulgari. Arnault has said that the agreement as "something that ideal at all levels."
Just to note, LVMH currently has a number of brand-famous fashion brands such as Givenchy, Dior, Guerlain, Moet and Chandon, and Dom Perignon. LVMH is also known as one of the luxury fashion retailer that customers consist of the socialite world.
While previous Bulgari waited long enough to find potential partners after the investment firm known for its luxury handbags and accessories that diamonds hit by the current crisis of global recession 2009 ago.
On the occasion, the Bulgari family will become the second largest shareholder in LVMH Group. Later, the Bulgari family will place representatives on the board of directors of LVMH. One is the chief executive Francesco Trapani who would take care of business jewelry and luxury watches.
Before taking over Bulgari, LVMH late last year reportedly interested in buying brands other famous Hermes bag. But last January, Arnault said it was no longer interested in buying shares of Hermes.
By tuty, okezone.com, Updated: 3/7/2011 6:50 AM
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