have to pay LVMH $ 13 million in stock buy Hermes Up?v
Slander, blackmail, insider trading - the charges were pressed in the war between LVMH Moet Hennessy Louis Vuitton and Hermes are the plot points in a particularly juicy TV drama Wall Street. Now there's a cliffhanger is thrown into the mix: LVMH can not be increased to more than 10 million of its intention, which was dated 31 December reveal a stake of 22.6 per cent pay their competitors. Gulp.
WWD reports that the stock market surveillance of France, the AMF has recommended hefty fine - EUR 12.99 million at current exchange - during a hearing on Friday. Representatives from LVMH fiercely defended against the accusations they began secretly to receive shares of Hermes as far back as 2001 and no later than 21 June 2010, although they did not officially announce the great challenge that she was by 21 October 2010, amassed. In addition to the Vice-President Pierre Gode on the idea that they never expected a hostile takeover, noting that "a company that Hermes is particularly well protected [because of its ownership structure]. We would have no hope of influence .. .. It would be crazy to attempt a takeover of Hermes. "
But that does not change the fact that they surprised everyone (including Hermes) with their ad - or we imagine it will change significantly as unhappy Birkin provider encroaching bigwigs. Dumas, Puech and Guerrand families, representing more than 70 percent of the shares in the company have a combined holding company, to prevent LVMH formed against their walls and in Gode, one of their leaders, "a campaign defamation and slander against LVMH which is extremely detrimental to the image and reputation of LVMH. "
But it's more than the reputation on the line now, because in the coming weeks, the AMF Board determines whether LVMH violated the law by not their businesses, which were made in order to avoid disclosing the usual rules. If they decide that violates a sanction Behemoth, the maximum penalty will be imposed. But as amazing as may seem to € 10 million, LVMH may actually be better off than if the events occurred, for example, last week, when the ceiling was 100 million euros, 129 million euros increased dollar since 2010.
The document states that the Sanctions Committee announce their decision sometime before 31 May ... But, uh, that's not what happens to you while France? Among the infamous three months summer vacation? We would not be surprised if they have their decision tomorrow, so they can fly to their summer holiday in Nice.