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LVMH Moet to Acquire Donna Karan

April 03, 2001|Associated Press

France's LVMH Moet Hennessy Louis Vuitton said it will buy famed U.S. fashion house Donna Karan International Inc. for $243 million, adding one more household name to LVMH's line of luxury products. Donna Karan said she will remain artistic director and retain control over creative aspects of the firm. Karan founded the firm in 1984, and it became one of the best-known names in international fashion. LVMH will pay $10.75 a share to acquire Donna Karan. The price is 26% higher than the $8.50-a-share price initially proposed by LVMH in December. The merger is expected to close in the third quarter, pending approval by shareholders and government regulators.

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