Warren Buffett turned down a chance to buy Tiffany & Co. after the jeweler received a takeover bid from luxury goods company LVMH in November, according to sources familiar with the matter.
Buffett apparently made the decision as his holding company, Berkshire Hathaway, goes on its fourth year without making a significant acquisition despite its US$128 billion cash on hand.
LVMH offered Buffett the chance to make a counteroffer, but he declined, The Financial Times reported citing those who know the circumstances. Buffett confirmed to the Times that LVMH approached him with the opportunity.
The luxury goods company purchased Tiffany on November 25 for a total of US$16.2 billion.
“Since 1886, when it established the eponymous diamond ring as an enduring symbol of commitment, Tiffany has stood for love. Its extraordinary diamonds are cherished for generations and its legendary jewelry designs are the ultimate reference in the global jewelry world. Even the Tiffany Blue Box is recognized worldwide as an icon of refinement and desirability,” LVMH stated in a press release at the time.
Full Content: Financial Times
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