Pursuits
Hermes Wins AMF Ruling, Bolstering LVMH Defense
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Hermes International SCA’s founding family can pool their shares in a holding company without having to bid for the rest of the luxury-goods maker, France’s stock market regulator said, bolstering its defense against LVMH Moet Hennessy Louis Vuitton SA.
Family members, who own more than 70 percent of the shares, proposed the structure after LVMH, the world’s largest luxury-goods maker, announced in October it had acquired a 17.1 percent stake in Hermes via equity swaps. LVMH said on Dec. 21 it raised the holding to 20.2 percent, fueling takeover speculation even though it repeated it wasn’t seeking a board seat or control.