Hermes Accuses LVMH Of Fraud In Obtaining Minority Stake

Law360, New York (June 19, 2013, 1:56 PM EDT) -- Hermes International SA reportedly sued rival luxury apparel maker LVMH in a Paris court Wednesday, seeking the cancellation of equity swaps LVMH allegedly used to secretly acquire a minority stake in Hermes.

Hermes says that LVMH was able to initially buy 17 percent of Hermes' capital through equity swaps, which it later increased to a 22.6 percent stake, according to Les Echos. The equity swaps were intended to be settled in cash, but LVMH instead settled them in Hermes shares, the newspaper reported.

In Paris commercial...
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