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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lvmh Moet Hennessy Louis Vuitton SE | EU:MC | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.90 | -0.37% | 789.00 | 786.00 | 791.00 | 790.70 | 773.10 | 790.70 | 288,308 | 16:40:00 |
By Nadya Masidlover
PARIS--The Paris prosecutor's office has decided to open a preliminary investigation following the complaint filed by Hermes International SCA (RMS.FR) against LVMH Moet Hennessy Louis Vuitton SA (MC.FR, LVMUY) regarding tactics used by the larger luxury-goods company to accumulate a stake in Hermes.
"A preliminary investigation has been opened in order to assess the content of the complaint," an official at the Paris prosecutor's office said late Friday.
The investigation--which follows a complaint filed by Hermes in July for insider trading and share-price manipulation--is the latest episode in an ongoing battle between Hermes and its uninvited shareholder and larger rival, LVMH.
The row between the two luxury-goods purveyors dates back to October 2010, when LVMH revealed it had amassed as much as 17% of Hermes for a total of 1.45 billion euros ($1.8 billion). LVMH accumulated the stake using derivative instruments called equity swaps purchased from banks over a couple of years. In October 2010, it amended the equity-swap contracts to deliver shares instead of cash and in one fell swoop said it had passed various ownership thresholds that required public disclosure.
Write to Nadya Masidlover at nadya.masidlover@dowjones.com
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