Hermes Set Up Holding Company &Nbsp, Boycott LVMH Acquisition
Recently, Hermes family shareholders announced the establishment of a holding company, and more than 50% of Hermes international capital was used to ensure that it would not be bought by LVMH.
Hermes, the French luxury goods producer, told the media that Hermes will be approved by AMF, the French market regulator, to create a holding company to defeat its rival LVMH group.
LVMH10 revealed that it has received 17.1% of Hermes' shares.
According to relevant reports, shareholders sold shortly ago.
Hermes
After more than 1% of the shares, family shareholders held almost 72% of the company.
In an interview, Bertrand Pies, the leader of Hermes, told the media: "LVMH can't control our group."
Pies went on to say that shareholders believed that the company had actually controlled the company since they went public in 1933.
They plan a simple "share reclassification" to enable them to aggregate shares in the new holding company.
AMF may take several weeks to make a decision, but not.
Law
Precedent, whether this strategy can be implemented in accordance with the plan is still a problem.
"I think reclassification is very problematic."
A business lawyer who did not want to be named told Reuters.
"The question is whether it applies to Hermes," the lawyer said.
Because in this way
Situation
It implies that an existing control can not seem to be proved. "
The French Adam small shareholders Association said it would oppose any decision by AMF to approve the full exemption from shareholders of Hermes.
Colette, President of the Adam Association, said: "the role of shareholders in a holding company with 51% capital is different from that in a holding company with 73% capital before."
If Hermes shareholders find themselves forced to ask for a price, they will abandon the holding company structure that supports a series of mandatory acquisition rights conventions.
Otherwise, they will need nearly 1 billion 800 million euros to buy about 10% of the non LVMH owned shares.
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