Pursuits
Hermes Shares Decline in Paris After LVMH Denies Bid Plans
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Hermes International SCA dropped the most in six months in Paris trading after LVMH Moet Hennessy Louis Vuitton SA last night denied it planned to bid for the shares of the Birkin bag maker that it doesn’t already own.
LVMH may be preparing to bid 350 euros ($505.79) a share for Paris-based Hermes, the Daily Mail reported yesterday, without saying where it got the information, sending the shares up as much as 4.6 percent. The stock fell as much as 11.40 euros, or 5.9 percent, to 180.55 euros today, the steepest drop since Dec. 3. It traded at 183.05 euros as of 10:23 a.m.