France's LVMH will take over Bulgari in a deal which values the Italian jeweller at 3.7 billion euros and gives the No.1 luxury group more clout in the sector and bigger exposure to emerging markets. The offer, which priced Bulgari's shares at a 60 percent premium to its average level over the last month, could herald the return of consolidation in the luxury market, which bounced back from the 2009 slump much faster than analysts expected. For LVMH, adding Bulgari will allow the French luxury group to leverage its global retail network and boost margins by sharing costs.
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