Luxury Giant Looks to Acquire Tiffany & Co. for $14.5B

French luxury conglomerate LVMH Moët Hennessy – Louis Vuitton is looking to acquire Tiffany & Co. in a bid to grow its U.S. presence, Bloomberg News reports.

LVMH has made an offer worth about $14.5 billion, the news service reports, citing “people familiar with the situation.”

Tiffany is now said to be looking over the proposal. Reuters writes that the U.S. jeweler has hired advisers to evaluate the bid.

The offer “sets up the prospect of a potential takeover battle for Tiffany,” The New York Times reports.

LVMH is known for brands including Louis Vuitton, Chaumet and TAG Heuer.

New York-based Tiffany run about 300 retail stores worldwide.

Read more at Bloomberg