French conglomerate LVMH is closing in on a deal to buy Tiffany after tabling a higher offer for the New York-based jeweller. The Paris-based luxury group, controlled by Europe’s richest man Bernard Arnault, has raised its bid to $135 per share, the Financial Times reported. The boards of both companies are expected to meet on Sunday to approve the offer. Arnault’s latest bid for the US maker of diamond engagement rings values the company at $16.7bn, after Tifanny rebuffed LVMH’s initial $14.5bn offer, which would have given investors $120-per-share. LVMH and Tiffany did not immediately respond to requests for comment.
