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Louis Vuitton Owner Offers $14.5B to Buy Tiffany & Co

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New York:LVMH, owner of Louis Vuitton, is making a $14.5 billion deal to buy jeweler Tiffany & Co. Tiffany confirmed it has received an “unsolicited, non-binding proposal” from LVMH Moet Hennessy – Louis Vuitton to acquire Tiffany for $120 per share in cash.

The group approached New York-based Tiffany with a takeover proposal earlier this month, Bloomberg News reported Saturday, citing people who asked not to be identified because the discussions are private. The all-cash bid values the jeweler at about $120 a share, one said Sunday — or about 22% more than the Oct. 25 closing price. Tiffany is currently evaluating the bid and there’s no guarantee an agreement will be reached, they said.

“Tiffany could prove an interesting fit to LVMH, which is still underpenetrated in jewelry,” said Deborah Aitken, senior luxury-goods analyst at Bloomberg Intelligence. With branded jewelry growing at about 6% a year — about 200 basis points faster than high-end watches — she said buying Tiffany could help LVMH compete against companies such as Swiss rival Richemont SA, the owner of Cartier and Van Cleef & Arpels.

If successful, though, the purchase would be the biggest deal yet for LVMH founder and Chairman Bernard Arnault, Europe’s richest man. An acquisition would give LVMH an iconic 182-year-old U.S. brand known for its robin’s egg blue boxes and its role as a favorite haunt of Holly Golightly in Truman Capote’s “Breakfast at Tiffany’s.” The French company also owns the Bulgari jewel and watch brand, Sephora cosmetics stores, Hublot watches and Dom Perignon Champagne.

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Tesla bags 200,000 orders for its futuristic ”Cybertruck”

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New Delhi: Elon Musk is back with a bang with his all-new “Cybertruck”. Irrespective of the controversies the all-new Tesla Cybertruck has gathered, it is one of the most radical wheels that has gone on sale in recent times and is becoming quite popular by the day.

Elon Musk took to Twitter to share that Tesla has already received 200k orders since the launch of the “Cybertruck” which was actually 3 days ago(22 November).

Tesla Cybertruck’s production is expected to begin in late 2020. The electric pickup truck is available in three trims — single motor RWD with a range of over 250 miles, dual-motor AWD with a range of more than 300 miles and tri-motor AWD with a range in the north of 500 miles.

The single motor RWD variant of the Cybertruck can go from 0 to 60 mph in below 6.5 seconds and has a towing capacity of over 7,500 pounds, while the dual-motor AWD trim can make 0-60 mph in under 4.5 seconds and boasts of a towing capacity of more than 10,000 pounds. Tesla claims that the tri-motor AWD variant of the vehicle is good for 0-60 mph in less than 2.9 seconds and gets a towing capacity of 14,000 pounds.

Given its relative performance and price, the Cybertruck could be a massive success for Tesla as it enters into the largest segment in the US market. Almost three million pickups were sold to consumers in 2018. If Tesla can carve off a tiny sliver of that, it’ll go a long way toward taking Tesla’s annual sales to the next level.

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