LVMH Explains How It Will Distribute $7.4 Billion Hermes Stake
LVMH Moet Hennessy Louis Vuitton SA (MC)laid out how it will distribute its 23 percent stake in Hermes International SCA to shareholders after agreeing last month to relinquish its stake in the Birkin bag maker.
LVMH shareholders will get two Hermes shares for every 41 LVMH shares they own, according to a regulatory filing today.
LVMH will communicate the distribution at least four business days before it takes place, the world’s largest luxury-goods maker said. The Hermes shares will be valued at the opening trading price on the day of the payment, not exceeding 235.2 euros a share, valuing the stake at as much as 5.8 billion euros ($7.4 billion), LVMH said.
LVMH, based in Paris, is distributing its Hermes stake to shareholders almost four years after it started building the holding without Hermes’s knowledge. The payment, due to be completed by Dec. 20, will leave Groupe Arnault, the family holding company of LVMH Chairman Bernard Arnault, with an 8.5 percent interest in Hermes, LVMH has said.
http://www.bloomberg.com/news/2014-10...
LVMH shareholders will get two Hermes shares for every 41 LVMH shares they own, according to a regulatory filing today.
LVMH will communicate the distribution at least four business days before it takes place, the world’s largest luxury-goods maker said. The Hermes shares will be valued at the opening trading price on the day of the payment, not exceeding 235.2 euros a share, valuing the stake at as much as 5.8 billion euros ($7.4 billion), LVMH said.
LVMH, based in Paris, is distributing its Hermes stake to shareholders almost four years after it started building the holding without Hermes’s knowledge. The payment, due to be completed by Dec. 20, will leave Groupe Arnault, the family holding company of LVMH Chairman Bernard Arnault, with an 8.5 percent interest in Hermes, LVMH has said.
http://www.bloomberg.com/news/2014-10...
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