News & Scoops
2012 February 8
Bulgari Sells LVMH Stake
(NEW YORK) Bulgari offloaded its sizeable LVMH stake yesterday, just shy of a year after LVMH agreed to buy the luxe Italian jeweler for €3.7 billion, or $4.9 billion, in March 2011. Shareholders Paolo Bulgari, Nicola Bulgari, and Francesco Trapani put the $739 million LVMH stake up for grabs because of last year's flush times and healthy rise in the luxury group's value last year, according to The Financial Times. Paolo Bulgari serves as chairman; his brother, Nicola, is vice chairman; their nephew, Trapani, is CEO. The trio sold 4.48 million shares at €124.5 apiece, causing LVMH's stock value to dip 2.6 percent to €125.3—LVMH's biggest decline in value over a seven-week period since December 14. Credit Suisse Group advised Bulgari on the sale, which angles to help the jeweler raise funds for "certain taxes and other costs."
ALEXANDRA ILYASHOV
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