September 4, 2021

Hermes family sets up holding scheme to ward off LMVH

first_img Show Comments ▼ whatsapp Sunday 5 December 2010 11:27 pm More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com THE founding family of France’s Hermes luxury fashion group yesterday revealed it has set up a holding company with more than half of the group’s capital in a bid to fight off a takeover bid from Louis-Vuitton Moet Hennessy (LVMH).The bold move, which is subject to regulatory approval, followed crisis talks on Friday, when heirs from the six-generation family met to discuss hostile share-buying launched by LMVH, the world’s largest luxury goods group.LVMH, led by billionaire businessman Bernard Arnault, rattled Hermes in October when it revealed a surprise 17.1 per cent stake in its smaller rival, later saying it wanted to buy more shares.The family shareholders, who number around 60 and together hold about 73.4 percent of the stock, said they consider Arnault’s move unwelcome and have called for him to withdraw.The family’s shares are divided among more than 60 descendants of founder Thierry Hermes. “The family’s commitment to create this majority holding is irrevocable,” it said in a statement. “This new firm will benefit from preferred rights on the remaining stock owned directly by the family.”It added that the operation would have no effect on the family’s stake in Hermes International.On 9 November, Hermes reported sales in the first nine months of the year amounted to €1.67bn (£1.42bn), with sales for the year targeted to be up 15 per cent. Share Tags: NULL whatsapp KCS-content Hermes family sets up holding scheme to ward off LMVH last_img

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