MILAN – LVMH CEO Bernard Arnault and Tod’s founder Diego Dalle Valle are further cementing their 20-year friendship with a deal for the French group to increase its stake in the Italian luxury goods maker.
Shares in the Italian luxury footwear and fashion group Tod’s jumped by more than 10%, to 39.02 euros Friday on news of the 75-million-euro ($90.5 million) deal.
That’s well-above the per-share price of 33.10 euros that LVMH, a longtime investor in Tod’s, agreed to pay for 2.25 million shares, representing a 6.8% stake.
The deal finalizes on April 28. Dalla Valle said in a statement that the deal “may represent an excellent reason to consider further opportunities to be taken in the future ahead.” He did not provide details.