LVMH increases Hermes stakes
LVMH has bought yet more shares in Hermes.
Leather bag manufacturer Hermes may find itself in need of a negotiation consultancy if luxury group LVMH keeps buying its shares.
A press release from France's stock market regulator AMF announced LVMH - already a major shareholder in Hermes - has bought up an even larger slice of the company, Reuters reported.
This comes after the bag maker was recently forced to take measures to ensure the family who own the business stay in control.
Over a year ago, Hermes had to take action to increase the shareholding of the family in ownership of the company when it was revealed LVMH had increased its stake to 17 per cent.
The luxury group said it would continue buying up its smaller rival "according to circumstances and the market situation", the news provider stated.
Elsewhere in the country, France Telecom recently agreed a deal with telecommunications business SLR to improve the nation's broadband infrastructure.
Posted by David Gleck
Source: Reuters, December 20th