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(CNN Business) —  

Luxury giant LVMH is reportedly nearing an agreement to add another brand to its portfolio, a deal that would come wrapped in a little blue box.

The boards of LVMH =”https://money.cnn.com/quote/quote.html?symb=LVMHF&source=story_quote_link” > (LVMHF) and Tiffany & Co =”https://money.cnn.com/quote/quote.html?symb=TIF&source=story_quote_link” > (TIF). convened for a meeting Sunday to finalize an acquisition deal that would value the iconic jeweler at more than $16 billion, according to =”https://www.nytimes.com/2019/11/24/business/LVMH =”https://money.cnn.com/quote/quote.html?symb=LVMHF&source=story_quote_link” > (LVMHF)-Tiffany-deal.html” target=”_blank”>reports from =”https://www.wsj.com/articles/lvmh-nears-deal-to-acquire-tiffany-for-16-3-billion-11574611959” target=”_blank”>multiple outlets. The companies hope to announce the deal on Monday, the =”https://www.ft.com/content/c7a7b230-0ec2-11ea-a7e6-62bf4f9e548a” target=”_blank”>Financial Times first reported Sunday.

LVMH is the world’s largest luxury group and has for years had a strong foothold in high-end fashion. This merger would solidify its move into other product areas, and expand its reach in the jewelry business and with American consumers. And the luxury conglomerate’s deep pockets could help Tiffany turn around after a rocky few years, and fuel its effort to better connect with millennial consumers.

LVMH will reportedly pay $135 per share for Tiffany. The deal is both one of the largest in the history of the luxury sector and in the career of LVMH CEO and richest man in Europe, Bernard Arnault.

The luxury conglomerate sent an unsolicited proposal on October 28 to acquire Tiffany for $120 per share in cash, a valuation of $14.5 billion. At the time, the offer represented a 20% premium on the Tiffany share price but the stock jumped following the offer, closing at nearly $126 on Friday. Many analysts said combining with LVMH would be a good move for Tiffany, though the initial offer slightly undervalued the company.