Luxury giant LVMH’s plans to buy the majority stake held by the Bulgari family’s in Bulgari S.p.A. moved ahead as the European Commission (EC) has given its nod for the same. Following this purchase, Francesco Trapani, chief executive of Bulgari, is also appointed to the LVMH board and will handle the latter’s watches and jewelry activities, while Philippe Pascal the present head of LVMH watches and jewelry division will now be adviser to Bernard Arnault, the LVMH chairman.

The LVMH board of directors plan to launch a tender offer for shares owned by minority shareholders, in the near future.