Tiffany & Co. and LVMH are in discussions to reduce the price of the French luxury giant's contested deal to buy the US jeweller, according to a person familiar with the matter. The companies are discussing a price of $130 to $135 per Tiffany share, according to the person, who asked not to be named because the talks are private. The behind-the-scenes negotiations may not lead to an agreement, the person said. The original price for the deal was $135 per share, or about $16 billion in total. By taking control of Tiffany, LVMH would gain better access to the worldwide luxury jewellery market. Tiffany shares rose as much as 5.2% to $129.16 in New York trading recently following reports of settlement talks.