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LVMH Moët Hennessy Louis Vuitton (LVMUY) is closer to buying jewelry company Tiffany & Co. (TIF) - Get Free Report for at least $16 billion, according to reports.

So far, the two companies have valued Tiffany shares at $135 a piece, according to the Wall Street Journal, which relied on unnamed sources familiar with the negotiations. The newspaper also said that LVMH and Tiffany were going over the deal Sunday and could announce it by Monday or sooner.

As of Friday's close, Tiffany shares were at $125.51, but rose by nearly 50 cents after hours to $126.

LVMH, the French company that owns Bulgari, had earlier this week gotten Tiffany to put up a confidential due diligence after raising its bid to $16 billion, according to Reuters.

The company first tried to woo Tiffany for $120 a share, but was turned down.