PARIS—In targeting Tiffany & Co, French billionaire Bernard Arnault is attempting his most challenging acquisition in more than three decades of deal making.
Mr. Arnault, the chief executive and controlling shareholder of LVMH Moët Hennessy Louis Vuitton, has favored a series of smaller, lower risk acquisitions to build his empire of luxury brands. Some of those brands have flourished within LVMH, while others haven’t.
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