LVMH Also Not to Bid on Absolut; Says Recession Shmession

The chairman of LVMH, Bernard Arnault, said that his luxury goods group has “no offer” for vodka brand Absolut, making him the second spirits company this week to say they aren’t game (Diageo being the first). In fact, Bernard says that LVMH doesn’t have any acquisition plans at the moment, and doesn’t plan to have any unless he gets an “irresistible” offer. Moreover, he said that a mild recession in the US was not likely to hurt LVMH, since most