French watchdog AMF to examine LVMH stake in Hermes
PARIS Oct 1 (Reuters) - The French markets watchdog AMF's sanctions committee will examine whether to impose sanctions on luxury company LVMH for its stake-building in rival Hermes in early 2013, the AMF's head told BFM Business radio on Monday.
"(The case) will be examined by our sanctions committee, I believe, in the first few months of 2013," Gerard Rameix said.
A spokesman for LVMH said this was normal procedure and did not prejudge the outcome. The company is "confident" in the outcome of the case, he added.
Hermes turned to the AMF after LVMH's shock revelation in October 2010 that it had quietly built up a stake of 14 percent in the company known for its luxury scarves. It did so using derivatives that allowed it to escape disclosure rules. (Reporting by Pascale Denis; Editing by Lionel Laurent and Andre Grenon)
- White House reverses, says Obama met uncle and lived with him during law school
- South Africa mourns Mandela, will bury him on December 15 |
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Flights delayed as air pollution hits record in Shanghai
- Microsoft leads disruption of largest infected global PC network