Sneaky sneaky!
Last month, Hermes filed a complaint with a Paris court asking them to investigate LVMH for insider trading and stock manipulation.
The request is the latest in the ongoing battle between the family-owned label and the luxury brand owner, who has slowly but surely built up a 22.3% stake in Hermes and 16% of voting rights.
Hermes said in a brief statement:
“It is the logical consequence of the questions raised by the terms of LVMH’s entry in the capital.”
Not surprisingly, LVMH claims they’ve done nothing wrong, adding they gained the stocks legally through cash-settled equity swaps. They also plan to fire back at Hermes with their own filing for “blackmail, slander and illegal competition”.
Ouch.
It’s understandable that Hermes would feel threatened, but if everything was done legally, what more can they do?
We can’t wait to hear what French market watchdog AMF finds, if anything, and the dramz that will surely follow.
[Image via Retna LTD.]
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