MILAN — Italy’s stock market regulator Consob was expected to give the green light Thursday to French luxury conglomerate LVMH Moët Hennessy Louis Vuitton’s takeover of Italian jeweler Bulgari, according to market sources.
Officials at Consob were not available to comment on the ruling, which is expected to be made public in the agency’s weekly newsletter Monday. Officials at LVMH could not be reached, and Bulgari had no comment.
The 4.8 billion-euro ($6.8 million) deal, unveiled in April, ran into a potential obstacle in late July after three funds claimed that LVMH was paying a higher price for an additional package of shares tendered by the controlling Bulgari family.
According to Italian newspaper Il Sole 24 Ore, the funds argued that LVMH should be required to pay everyone the higher price.
You May Also Like
An LVMH spokesman subsequently said that the luxury goods group had contacted Consob to clarify the issue, which concerned 57,000 shares that were brought to the table belatedly because the Bulgari family had initially overlooked them.
LVMH still plans to launch a tender offer at 12.25 euros, or $17.50, a share, as initially announced, the spokesman added.
The Bulgari takeover was cleared by the European Commission in July.