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LVMH becomes a shareholder of Hermes International

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The leading luxury products group, (Moët Hennessy ), has announced that it holds 15 016 000 shares of Hermès International, representing 14.2 percent of the share capital of the French high fashion house. The objective of LVMH is to be a long-term shareholder of Hermès and to contribute to the preservation of the family and French attributes, which form the core of the global success of the iconic brand. The group has no intention of launching a tender offer, taking control of Hermès or seeking Board representation. LVMH holds derivative instruments over 3 001 246 Hermès International shares and intends to request their conversion. The company would then hold a total of 18 017 246 Hermès International shares, or 17.1 percent of its capital. The total cost of this shareholding would, in this case, be €1.45 billion.

Posted on: 27.10.2010
Source: www.worldpressonline.com