Pursuits
Arnault Loosens Grip on Hermes as LVMH to Relinquish Stake
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France’s richest man Bernard Arnault will relinquish most of his $7.5 billion holding in luxury-goods maker Hermes International SCA, ending a protracted battle.
Following intervention by a French court, Arnault’s LVMH Moet Hennessy Louis Vuitton SA will distribute the 23 percent stake to its shareholders and institutional investors, almost four years after the world’s largest luxury-goods company started building the holding without Hermes’s knowledge.