LVMH stake in Hermes reaches 22.3 pct
PARIS (Reuters) - The world's biggest luxury group, LVMH (LVMH.PA), has increased its stake in leather bag maker Hermes (HRMS.PA) to 22.3 percent and now has 16 percent of voting rights, according to a statement from France's AMF stock market regulator.
LVMH, which previously held 21.4 percent of its smaller rival, plans to continue buying Hermes shares "according to circumstances and the market situation," LVMH said in a filing to the AMF.
The group, led by billionaire businessman Bernard Arnault said it did not plan to take control of Hermes or make a takeover offer for the company, according to the AMF.
LVMH has been gradually increasing its holding in Hermes since it was revealed 14 months ago that it had built up a surprise 17 percent stake.
Hermes family shareholders have responded to the stakebuilding by creating a majority family holding that will shield it from the threat of a takeover.
(Reporting by Pascale Denis and James Regan; Editing by David Cowell)
- A former SAC Capital Advisors trader, set to go on trial next month on insider trading charges, wants to cite in court some 2012 testimony given by the hedge fund's founder Steven Cohen, claiming it rebuts the government's case.
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.