The world’s biggest luxury group LVHM, has recently approached Tiffany & Co about a possible takeover of the U.S. jeweller. “In light of recent market rumours, LVMH Group confirms it has held preliminary discussions regarding a possible transaction with Tiffany,” the company said in a statement. But there is no assurance that the discussions will end on a result. Tiffany, founded in 1837 and a storied name in jewellery, is one of the sector’s top prizes. Another source familiar with the situation, said the French group had submitted a preliminary, non-binding offer to Tiffany earlier this month. Tiffany on the other hand has hired advisers to review LVMH’s offer but has yet to respond and may not negotiate a deal. LVMH’s rival Kering has been looking to expand in this area too, by launching high-end jewellery lines for its fashion brand Gucci.