Shares of Tiffany & Co. shot up Tuesday on hopes that the company’s deal with LVMH Moët Hennessy Louis Vuitton could still be salvaged.
Both CNBC and the Financial Times reported that the two sides were considering a deal somewhere above $130 a share — each dollar in the per share price equals just over $120 million in the total price of over $16 billion. If the two sides were to come to some agreement it would amount to something of a pandemic price cut on what would be LVMH chief Bernard Arnault’s biggest luxury deal ever.
But while Tiffany was ultimately wooed, with Arnault saying LVMH would “develop this jewel with the same dedication and commitment that we have applied to each and every one of our maisons,” the feeling seemed to change once the coronavirus clamped down on business.
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