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LVMH Buys Half of Bulgari for $3.4 billion
Forget about Hermes for a minute. LVMH just a bought a company whose family actually wanted to sell.
The French conglomerate has acquired a 51% stake in Bulgari SpA, whose founding family owned a majority of the firms shares up until yesterday. That stake translates to about $3.4 billion. While this gives the family less control over what happens at the company, they have gained two seats on the LVMH board of directors. Whats more, Bulgaris CEO, Francesco Trapani, will take over management of LVMHs entire jewelry and watch division in the second half of 2011.
LVMH Buys Half of Bulgari for $3.4 billion
Forget about Hermes for a minute. LVMH just a bought a company whose family actually wanted to sell.
The French conglomerate has acquired a 51% stake in Bulgari SpA, whose founding family owned a majority of the firms shares up until yesterday. That stake translates to about $3.4 billion. While this gives the family less control over what happens at the company, they have gained two seats on the LVMH board of directors. Whats more, Bulgaris CEO, Francesco Trapani, will take over management of LVMHs entire jewelry and watch division in the second half of 2011.