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Photo: Nicolas Economou/NurPhoto via Getty Images

France's LVMH has agreed to buy U.S. luxury jeweler Tiffany & Co. for around $18.5 billion, or $135 per share, according to CNBC's David Faber.

Why it matters: This deal is largely about trade war opportunism, as Tiffany has been hammered by decreased Chinese tourism to the U.S. It's tried to offset that by opening more stores within China, but it's been hampered there by new Chinese tariffs on U.S.-made jewelry.

The bottom line: The $135 per share price is a massive premium to where Tiffany was trading last month before LVMH publicly acknowledged its takeover interest, and even an 8% bump from where Tiffany shares closed on Friday.

  • Early expectations were that the takeover price would be closer to $120 per share.
  • It gives Tiffany an equity value of around $16.3 billion, while LVMH also would assume around $2.5 billion of existing tiffany debt.
  • Faber reports that Tiffany's board is expected to vote on the deal later today.

Go deeper

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Peloton stock tanks on report of production halt

Illustration: Aïda Amer/Axios

Peloton stock fell by as much as 25% on Thursday, following a CNBC report that the connected fitness company will temporarily halt production on its bikes and treadmills.

Why it matters: Peloton is viewed by many as a proxy for consumer behavior in the pandemic era, as its popularity surged when gyms closed and people wanted to exercise at home.

Updated 1 hour ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Omicron pushes COVID deaths toward 2,000 per day — The pandemic-proof health care giant.
  2. Vaccines: No evidence that healthy children, teens need boosters, WHO says — Starbucks drops worker vaccine or test requirement after SCOTUS ruling — Kids' COVID vaccination rates are particularly low in rural America.
  3. Politics: Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older.
  5. Variant tracker
Updated 2 hours ago - World

Biden cleans up comments about Russia invading Ukraine

Photo: Doug Mills-Pool/Getty Images

President Biden sought to clarify his suggestion that a "minor incursion" by Russia into Ukraine may not draw the same response as a large invasion, telling reporters Thursday that "Russia will pay a heavy price" if any troops cross the border.

Why it matters: Some officials in Kyiv saw Biden's comments as inviting Russian aggression.