PARIS (AP) — The magnate behind the LVMH luxury empire is seeking to strengthen control over Christian Dior in a multibillion-dollar deal combining the fashion industry heavyweights.

Shares in both companies jumped Tuesday after Christian Dior, LVMH Moet Hennessy - Louis Vuitton and the Arnault Family Group announced a series of transactions consolidating their activities.

The announcement said LVMH, which already owned Christian Dior cosmetics and perfumes, would buy Christian Dior Couture for 6.5 billion euros ($7.1 billion). In addition, the Arnault Family Group is making a public offer for the Christian Dior shares it doesn't currently hold.

The statement says the boards of both companies approve of the transactions.

The announcement is the latest large deal for businessman Bernard Arnault, whose LVMH empire already includes many leading names in fashion and luxury.