(Nov 24): LVMH is close to a deal to buy Tiffany & Co, the fabled US jeweller, for more than US$16 billion ($21.8 billion) as it seeks to clinch what would be Chairman Bernard Arnault’s biggest-ever takeover.

The French luxury conglomerate’s new proposal -- at US$135 a share -- is 12.5% above the initial US$120-a-share bid, according to people familiar with the matter. Both companies’ boards are meeting Sunday to approve the latest offer and an agreement could be announced as soon as Monday, the people said, asking not to be identified because the details are private.

It’s not the first time that LVMH has raised its bid for Tiffany, a 182-year-old brand known for its robin’s egg blue boxes. Arnault -- Europe’s richest person -- sought to woo Tiffany, which would expand LVMH’s access to U.S. luxury shoppers, with an increased US$130 bid just days ago, people with knowledge of the situation said at the time. But some analysts had predicted the firm could go for an even higher price, with targets of US$140 at Credit Suisse and even US$160 at Cowen.

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