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Hermes makes gain in LVMH bid defence

first_img KCS-content Hermes makes gain in LVMH bid defence HERMES family shareholders won clearance yesterday to pool their stakes without having to buy out other investors, boosting the French luxury group’s defence against rival LVMH.A majority of Hermes family shareholders decided last month to create a holding company to group more than 50 per cent of the company’s equity as a defence against LMVH, which recently lifted its stake to 20 per cent.The holding, approved by French market watchdog AMF, is meant to discourage LVMH from attempting to acquire control of the maker of Birkin and Kelly handbags.But the holding’s creation needed the AMF’s exemption from having to make a tender offer for other minority shareholdings, which would have been costly.“It was already a fortress, this decision means that the walls have been heightened,” said a source.Hermes shares closed down 1.9 per cent at €155.05 (£96.7), valuing the group at €16.33bn.But not all the around 70 family shareholders, descendents of the Puech, Dumas and Guerrand families who in total control around 73 per cent of Hermes’s share capital, are part of the holding.The AMF said it would publish an explanation of its decision soon.Hermes family shareholders said in a statement: “This decision clears the way for our project to reclassify (our shares) which underscores the family’s unanimous will to preserve Hermes’s culture.”The minority shareholders’ association ADAM said it would very likely appeal against the decision.LVMH declined to comment. whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definitionthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald Thursday 6 January 2011 7:46 pm Sharecenter_img Show Comments ▼ More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comConnecticut man dies after crashing Harley into live bearnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com whatsapp Tags: NULLlast_img

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