French luxury group LVMH has raised its bid to acquire US jewelers Tiffany, two sources close to the matter told AFP

New York (AFP) - French luxury group LVMH has raised its bid to acquire US jewelers Tiffany by over one billion dollars, two sources close to the matter told AFP Wednesday.

LVMH, the owner of Louis Vuitton, Dior and Moet & Chandon increased its bid for the storied New York-based company to around $130 per share from $120 per share, the sources said.

The move lifts the overall value for Tiffany to around $16 billion from $14.5 billion.

Neither LVMH nor Tiffany immediately responded to a request for comment.

LVMH, which is led by billionaire Bernard Arnault, has sought to acquire Tiffany as a means to boost its presence in the US market.

The transaction has also been seen as way forward for Tiffany, which has not matched some rivals in terms of sales growth in recent years.

Some analysts have predicted a price hike would seal the transaction.