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LVMH says it won’t pay more for Bulgari family shares

The Bulgari family will not receive any more from LVMH for its shares of its luxury accessory company, despite rumours to the contrary, according to LVMH.

The Bulgari family will not receive any more from LVMH for its shares of its luxury accessory company, despite rumours to the contrary, according to LVMH.

Following a report in daily Italian newspaper Il Sole 24, LVMH dismissed suggestions that it was planning to increase its price offer for Bulgari shares.

“LVMH categorically denies the unfounded and misleading rumors that LVMH could be obliged to increase the price of its offer on Bulgari," the company statement read.

The family-controlled luxury goods company took control of Bulgari in June, after the Bulgari family decided to swap their 55% share in the company for LVMH shares. Last month, it was announced that an additional 57,000 shares owned by third-generation grandsons Paolo and Nicola Bulgari would also be swapped.

Since then, a number of fund managers suggested to the newspaper that LVMH had paid more for some Bulgari shares - €13.45 rather than €12.25 originally offered.

However, LVMH said: "In no manner did LVMH acquire the Bulgari shares at a price higher than that originally fixed for the public tender offer.”

As of June, LVMH owned 76.12% of share capital in Bulgari, which was founded in 1884 by Sotirio Voulgaris.

Bernard Arnault established LVMH in 1987, after using his family's money to purchase Christian Dior. The Arnault family, through its holding company, Groupe Arnault, owns a 47% stake in LVMH.

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