Hermes Shares Are Concentrated Through The Consideration Of The French Monetary Authority.

2011/1/6 17:52:00 48

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Consideration Of The Hermes Equity Authority

On the evening of January 4th, the French financial market regulator (AMF) will deliberate on Thursday (6).

Hermes

(Hermes) the exemption application submitted allows its family members to concentrate their shares on a single shareholder and exceed 50%, without having to make a comprehensive offer to other shareholders in order to resist hostile takeover by rival Louis Weedon (LVMH).

It is reported that there will be a meeting of 6 members of the AMF to discuss the matter. It is not likely to announce the resolution immediately after the meeting. If the committee considers that this application needs further information, the final result may be released in 15 days.

Since 2008,

Louis Vuitton

Through careful manipulation, its holdings of Hermes increased from 17.1% to 20.21%.

The Hermes family was upset, but unfortunately they did not succeed in persuading the latter to divest.

The Hermes family now has about 60 members, holding a total of 73% Hermes shares, but its shareholdings are relatively scattered.

So, the Hermes family decided to set up a holding company a month ago to focus on the shareholding of family members and master the controlling rights of a company as a single shareholder.

However, according to the French regulation, when a single shareholder holds a holding level of more than 33%, it is necessary to make a comprehensive offer to other shareholders unless it is obtained.

AMF

Exemption, Hermes has submitted an application for exemption to AMF.

The outcome of the application has yet to be conclusive. However, the French small shareholders association has said it opposes AMF's application through the Hermes family.