LVMH Moët Hennessy Louis Vuitton S.E. (LVMH), a French luxury goods company, on Tuesday said that it has granted an irrevocable mandate to an investment services provider for the acquisition of a maximum of 300 million euros of its shares.
The acquisition is expected to begin from December 21, and is expected to continue until February 15, 2022.
"The price of the shares bought under this mandate shall not exceed 950 euros per LVMH share as fixed by the Annual General Meeting of May 28, 2021," the company said in a statement, adding that if shares exceed the price limit, then such acquired shares are intended to be cancelled.
Once acquisition period ends, then the price to be paid by LVMH will be determined on the basis of the volume weighted average price, the company added.(DPA)