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LVMH & Hermes sink differences
06
Sep '14
Luxury fashion companies - LVMH and Hermès have decided to sink their differences after a Parisian Court proposed an agreement between the two.

The Commercial Court of Paris proposed to LVMH and Hermès a conciliation in order to bring to an end the conflicts between the two groups and restore a climate of positive relations between them.

The two companies reacted favourably to this proposal and signed an agreement under which the LVMH Group will distribute all its Hermès shares to its shareholders.

This will be done by LVMH on the understanding that LVMH’s largest shareholder, Christian Dior will in turn distribute the Hermès shares it receives to its own shareholders.

Additionally, LVMH, Dior and Groupe Arnault have undertaken not to acquire any shares in Hermès for the next five years.

The distribution of Hermès shares, approved by the boards of LVMH and Dior, will be completed latest by December 20, 2014.

Following this distribution, Groupe Arnault will hold around 8.5% of the capital of Hermès International. (AR)

Fibre2fashion News Desk - India


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