In the meantime Hermes course closed down 1

The defence of Hermes comes to mark a point in the battle that pits him against LVMH. In a decision highly anticipated by the place des marchés financiers (AMF) authority granted yesterday to the shareholders of the SADDLER heirs a derogation from the requirement to file a takeover bid. The origin of this query: the project for the creation of a family holding company consisting of at least half of the titles to address equity, considered hostile, LVMH (by also owner of the "voices"), which now holds 20.2 of Hermes.

For the time being, the heirs of the SADDLER 60 have about 73 of its capital. But these entries are scattered and do not guarantee family control over the long term. In the dispensing of the obligation to launch a takeover bid, the Constable of the stock market opens the way to the transfer of a majority of the family titles in an ad hoc company, intended to lock the capital. Taking note of the "positive" decision of the AMF, Hermès has confirmed that "this will enable the implementation of reclassification translated quit the unanimous will of the family project to preserve the culture of Hermes."

Probable use of the Adam

Yet the case, which resulted in long debates within the College of the MFA, has only just begun, and will move in the judicial field. It will include count on the determination of the Association for the defence of minority shareholders (Adam), decided to make an appeal to the Court of appeal of Paris. "I have not changed my mind, launches its President Colette Neuville. The derogation is not justified in terms of the law. "It refutes by elsewhere have been mandated by LVMH, but by individuals, two American hedge funds and an investment fund Belgian without report with Albert brother, ally of Bernard Arnault, the CEO of the world leader of luxury. The Group yesterday refused to comment.

Meanwhile, Deminor, the Office of Council to the small shareholders mandated by the Hermès family, has instead posted his satisfaction. "The AMF was able stay independent and not be influenced despite the pressure suffered these days, the limit of indecency.""The financial hub of Paris emerges strengthened", said Fabrice Rémon, associate of the firm.

This new bulwark by the Constable of the stock market will add to sponsorship of Hermes structure which enables it to keep management, while minority. Remains that this holding will not be created in the immediate future. The Hermès family decided to wait that this derogation "be served any use", to not run the risk that its creation is delivered in question. Leading in a few months, either to its dissolution at the launch of a takeover bid. An outcome which do not want the descendants of Hermes, because of its cost. Not to mention that LVMH would not ready to make its titles. If reverse arbitration of the Court of appeal of Paris, still other parades for the heirs of Hermes, as that concluded a shareholders Pact. In the meantime, Hermes course closed down 1.9 to 155 euros, after having reached 207 euros in early November. The LVMH won 2.5, 122 euros.