French luxury group LVMH said Italian regulator Consob has approved its offer for shares in Italian rival Bulgari.

Consob's approval was announced yesterday (4 August). LVMH confirmed last month it would pay EUR12.25 per share including an extra 57,000 shares owned by the Bulgari family.

The French retailer previously denied reports that it would have to increase its offer for outstanding shares in Bulgari. 

The acceptance period of the offer will start on 22 August and will end on 23 September. In addition, the payment date of the offer price is expected to be on 28 September.

LVMH is controlled by Groupe Arnault, which also controls Christian Dior Couture. Its brands include Louis Vuitton, Donna Karan, Fendi, Céline, Marc Jacobs and Givenchy.

Italian based Bulgari sells a range of jewellery, watches, accessories and fragrances.