As befits a high-end jeweler, Bulgari has secured a top price.

LVMH Moët Hennessy Louis Vuitton offered €4.3bn for the Italian jeweler, including debt, on Monday, valuing it at an eye-watering 22 times forecast 2011 earnings before interest, taxes, depreciation and amortization, or Ebitda, well above LVMH's 10 times valuation. While Bulgari might prove a jewel in the strategic sense, the financial returns appear significantly less mesmerizing.