Stock Market Regulator Is Reviewing LVMH's Hermes Stake, Les Echos Says
The French stock market regulator is still reviewing LVMH Moet Hennessy Louis Vuitton SA’s purchase of a 17.1 percent stake in Hermes International SCA, Les Echos said, citing the watchdog’s president Jean-Pierre Jouyet.
“We’re currently checking that all the rules were respected, given that Hermes shares have been under surveillance for several months,” Jouyet said, according to the French daily newspaper.
The regulatory process for companies increasing their holdings “isn’t as precise and wide-ranging as I’d like,” Les Echos cited Jouyet as saying. It is “regrettable” that a 2008 recommendation to include financial instruments such as equity swaps when calculating shareholdings wasn’t passed into law, he said.
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