Hermes wants LVMH to halve its stake: report
PARIS (Reuters) – The chairman of French luxury group Hermes (HRMS.PA: Quote, Profile, Research, Stock Buzz) wants bigger rival LVMH (LVMH.PA: Quote, Profile, Research, Stock Buzz), the champagne-to-leather goods group controlled by Bernard Arnault, to halve its 21 percent stake, Le Figaro newspaper reported.
“What bothers us is the way they did it,” Bernard Puech said in an interview, referring to LVMH’s move last year to build up its stake. “So we ask them to sell half of their stake to re-establish our stock market float.”
Hermes wants LVMH to halve its stake – paper
PARIS, May 30 (Reuters) – The chairman of French luxury
group Hermes (HRMS.PA: Quote, Profile, Research, Stock Buzz) wants bigger rival LVMH (LVMH.PA: Quote, Profile, Research, Stock Buzz), the
champagne-to-leather goods group controlled by Bernard Arnault,
to halve its 21 percent stake, Le Figaro newspaper reported.
“What bothers us is the way they did it,” Bernard Puech said
in an interview, referring to LVMH’s move last year to build up
its stake. “So we ask them to sell half of their stake to
re-establish our stock market float.”
Ireland says won’t yield on corporate tax
PARIS, May 26 (Reuters) – Ireland will not raise its
ultra-low corporate tax rate despite pressure from France and
Germany, even if that means paying higher interest rates on EU
bailout loans, Finance Minister Michael Noonan said on Thursday.
“We’re not for turning on this issue. We’re prepared to pay
the price,” Noonan told reporters after talks with his French
counterpart, Christine Lagarde, on the sidelines of an OECD
meeting in Paris.
Hermes Q1 sales ride luxury resurgence
PARIS, May 11 (Reuters) – Hermes (HRMS.PA: Quote, Profile, Research, Stock Buzz) lifted sales by a
quarter on soaring demand for watches, silk scarves and fashion
accessories, topping three-month growth at European rivals in
the resurgent luxury goods market.
The share jumped as much as 7.6 percent to a 6 1/2-month
high as investors anticipated an earnings upgrade following a
restrained outlook from the purveyor of silk handkerchiefs and
10,000-euro crocodile leather handbags.
Hermes Q1 sales ride luxury resurgence
PARIS, May 11 (Reuters) – Hermes (HRMS.PA: Quote, Profile, Research) lifted sales by a
quarter on soaring demand for watches, silk scarves and fashion
accessories, topping three-month growth at European rivals in
the resurgent luxury goods market.
The share jumped as much as 7.6 percent to a 6 1/2-month
high as investors anticipated an earnings upgrade following a
restrained outlook from the purveyor of silk handkerchiefs and
10,000-euro crocodile leather handbags.
Areva to set up Japan nuclear clean-up site
PARIS/TOKYO (Reuters) – French reactor maker Areva , stepping up its role in Japan’s clean-up from its worst-ever nuclear disaster, will provide Tokyo Electric Power (TEPCO)
with equipment to clean up radioactive water.
The decontamination plant, which uses a process called “co-precipitation” to isolate and remove radioactive elements, will be delivered after Areva specialists studied the crippled reactor at close range over the last three weeks.
EDF seeks to replace Edison CEO with own exec
PARIS/MILAN, April 1 (Reuters) – EDF (EDF.PA: Quote, Profile, Research, Stock Buzz) will seek to
replace the chief executive at Italy’s Edison (EDN.MI: Quote, Profile, Research, Stock Buzz) with its
own choice as the French utility regroups for a fight over
control of Italy’s No. 2 power generator.
EDF controls Edison with Italian regional utility A2A
(A2.MI: Quote, Profile, Research, Stock Buzz) through a complex shareholder pact. In March it agreed
with A2A to extend the pact to Sept. 15, buying time to win over
the Italian government on a proposed deal that would give the
French group control of Edison.
When in Detroit, Do as the Americans Do
If Sergio Marchionne has learned one thing during his nearly two years at Chrysler, it’s this—you can’t turn an American carmaker into an Italian company.
That was the problem with former Chrysler parent Daimler AG, current Chrysler CEO Marchionne told reporters, auto dealers and analysts at a San Francisco conference. The German automaker tried to “impose” its corporate culture on the American automaker during their nine-year partnership, a strategy that stifled creativity at the Auburn Hills, Michigan-based company.
Ford: Failure to Communicate?
Here’s an idea for Ford — make sure that when you talk to The Street that The Street is listening.
The shine on the Blue Oval got smudged Friday as shares fell as much as 15 percent after its fourth-quarter profit missed estimates by almost 40 percent. Why? Analysts were apparently blindsided by more than $1 billion jump costs in the fourth quarter compared to the third.
Paulson’s Goldman defense
As stock bets go it is no way the biggest and not particularly dramatic.
But the decision by Paulson & Co. to pick-up some 1 million shares of Goldman Sachs Group in the second-quarter may be some of the most fitting piece of Wall Street poetry to come out of this latest round of 13-F filings.
Of course Paulson’s fund will forever be linked with Goldman because it was the hedge fund at the heart of the Securities and Exchange Commission’s civil fraud case against the Wall Street bank. The SEC, in April, charged Goldman with failing to disclose that Paulson’s hedge fund had a hand in picking securities for a complex mortgage-related deal that the hedge fund was betting against.
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