Hermes International SCA To Sue LVMH Moet Hennessy Louis Vuitton SA Over Equity Swaps To Build Stake-Reuters

Wednesday, 19 Jun 2013 03:06am EDT 

Reuters reported that Hermes International SCA will sue LVMH Moet Hennessy Louis Vuitton SA seeking the annulment of equity swaps that LVMH used to secretly amass a stake in Hermes, the Company said, confirming a newspaper report. According to French daily Les Echos, Hermes argues that LVMH had the intention to acquire Hermes shares as soon as it bought equity swaps in 2008. Those swaps were supposed to be settled in cash, but ended up being settled in Hermes shares. A Hermes spokeswoman confirmed the newspaper report but gave no further details. 

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