It's a RUMOR folks...or is it?
Stock markets and industry observers shrugged off reports that LVMH Moët
Hennessy Louis Vuitton might acquire Burberry or Tiffany in order to
bolster its slowing revenue growth.
While LVMH, Burberry and
Tiffany all declined comment on the speculation, sources close to LVMH
said the French luxury giant is unlikely to buy either of the two
companies.
On Friday, shares in Burberry gained as much as 3
percent following a Bloomberg report suggesting LVMH is poised to make
an acquisition, with analysts touting Burberry and Tiffany as likely and
interesting targets.
LVMH stock closed up 1.5 percent Friday.
Shares in Burberry Group closed up 1 percent on the
London Stock Exchange. Tiffany investors essentially shrugged off the
possibility as part of the routine rumor mill — the company’s been the
subject of merger talks on and off in the past few years. Shares of
Tiffany & Co. inched up nearly 0.2 percent to close at $64.38 in
trading Friday on the New York Stock Exchange.
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