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LVMH have decided to give-up its four-battle to acquire a stake in rival French luxury leather goods maker, Hermes. The company will now sell a significant stake in the company that it owns.
LVMH and Hermés have put an end to the fight that went on for four years due to the hostile takeover of LVMH. The two luxury groups have announced that they have reached an agreement for which LVMH will distribute to its shareholders all the Hermés’ shares in its possession, equal to 23% of the capital and worth approximately €3 billion in value. The agreements will be signed no later than December 20 and at the end of this operation the Arnault Group will hold no more than 8.5% of Hermés. The value of stocks in Hermés International on the Paris Stock Exchange has then seen a sharp decline following the announcement.