This fact holding also debate among the heirs

The LVMH-Hermes conflict takes new step today with the meeting of the members of the College of the authority responsible for examining a request for exemption lodged late November by Hermes, des marchés financiers (AMF). This motion seeks to allow the heirs of the SADDLER, holders of approximately 73 of the capital, placing the majority of their titles in a new holding company, which would control the group, without having to launch as a takeover bid on all of the titles of the manufacturer of the famous squares.

Technical, the question is in plays not less a cardinal role in the battle between the world leader of luxury (also owner of the "voices") to the family business founded in 1837.

Since the burst of LVMH in late October in the capital of Hermes, via the unwinding of a series of derivatives of shares with Société Générale, Natixis and Credit Agricole, the Hermès family reflects on how best to counter the taking of participation, considered hostile, the world leader in luxury, led by Bernard Arnault.

In December, the family had indicated his choice to create a holding company which would aim to hold more than half of the titles of the group, with a preferential right on the balance of the remaining family titles. It is on this point that is the claim.

Debate among the heirs

For lawyers of Hermes, the creation of this structure is similar to a reclassification of securities pure and simple, since the heirs 60 already de facto control society, via the sponsorship. On the contrary, the President of the Association for the defence of minority shareholders (Adam), Colette Neuville, the transfer of more than half of the titles of Hermes to an ad hoc company is indeed an action in concert to give rise to a takeover bid.

From it, in the absence of a stated majority shareholder, the gathering of the scattered titles among the different branches of the Hermès family changes the nature of the control of the group. Today, none of the descendants, except one, holds more than 5 of the capital.

Obviously, the acceptance or rejection of the claim is likely to give rise to judicial suites. The College of Justice AMF request based family, then Adam, even LVMH, make recourse to the Court of appeal of Paris. If, on the contrary, the AMF decides to reject, the family should use the same procedure, according to a close source from the folder. In both cases, this more the outcome of several months at least.

This fact holding also debate among the heirs. Fact family block against LVMH, the choice of this device to block the rise of Bernard Arnault to capital would far from making unanimity within. Until then, Hermes was indeed a speculative value. Since its introduction on the stock exchange in 1993, its course from 5 euros to a record of 207 euros in early November. The situation will be different with a holding company to buy the securities that some heirs want to sell.

"The risk of taking control away." They are descendants who will make the market, with inevitable consequence a decrease in the course. "There is more reason to speculate about Hermes", is a banker. Some heirs would also see askance being forced to devote a portion of their dividends to the financing of this holding, especially those who are not directly involved in the management of the SADDLER. "This holding, it is in fact a golden prison", notes the same banker. Another estimated that such a structure "n ' is not manageable at the time, because it deprives the heirs of their freedom of movement".