By Lenore Fedow
The Tiffany & Co. flagship store on Fifth Avenue, which is currently under renovation. The jeweler’s shareholders agreed to an acquisition by luxury conglomerate LVMH. (stock image)
New York—Tiffany & Co. shareholders voted in favor of the jeweler’s acquisition by LVMH during a meeting held Tuesday morning at its Fifth Avenue headquarters.

The French luxury titan proposed a deal this November to acquire the American jeweler for $16.2 billion.

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The board of directors of both Tiffany and LVMH had already approved the acquisition and recommended shareholders do the same.

“This approval is a significant milestone as we move closer to completing our acquisition of Tiffany, an iconic company with a rich heritage and unique positioning in the global luxury jewelry market,” said LVMH CEO Bernard Arnault in a statement announcing the decision.

LVMH said previously it expects the brand to bolster its presence in the jewelry market, particularly in the United States.

LVMH’s portfolio of watch and jewelry brands includes Bulgari, Chaumet, Hublot and TAG Heuer.

The Tiffany deal is expected to close in mid-2020, subject to stockholders’ approval as well as regulatory clearances and other customary closing conditions.

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