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LVMH is apparently looking to add a new bauble to its collection of luxury industry jewels. It might want to remember that, in jewelry as in corporate acquisitions, the patient shopper often gets a better deal.

Bloomberg News reported Saturday that LVMH Moet Hennessy Louis Vuitton SE has approached Tiffany & Co. with an acquisition offer of about $14.5 billion, a deal that would add a storied jewelry business with about $4 billion in annual sales to its portfolio.

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