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Jun 8, 2011

Citigroup sells private equity assets to Axa unit

PARIS (Reuters) – Citigroup (C.N: Quote, Profile, Research, Stock Buzz) has agreed to sell a portfolio of private equity assets to Axa (AXAF.PA: Quote, Profile, Research, Stock Buzz) Private Equity for $1.7 billion, the French insurer said on Wednesday, the latest move by the U.S. bank to unload non-core assets.

For Axa Private Equity, the deal is part of a series of acquisitions of private equity investments originally owned by other investors, including the purchase of a $1.9 billion portfolio from Bank of America (BAC.N: Quote, Profile, Research, Stock Buzz) in April 2010.

Jun 8, 2011

Hermes soaring valuation sparks new LVMH talk

PARIS (Reuters) – Hermes has long been famous for persuading shoppers to fork out over $5,000 (3,000 pounds) for hand crafted fashion icons like its Birkin bag. Now it’s the price tag on its shares that is raising eyebrows.

Hermes (HRMS.PA: Quote, Profile, Research) stock hit a new seven-month high this week — the highest level since it spiked above 200 euros a share after French billionaire Bernard Arnault shocked the luxury world by scooping up 20 percent of its stock.

Jun 7, 2011

DealTalk: Hermes soaring valuation sparks new LVMH talk

PARIS (Reuters) – Hermes (HRMS.PA: Quote, Profile, Research, Stock Buzz) has long been famous for persuading shoppers to fork out over $5,000 for hand crafted fashion icons like its Birkin bag. Now it’s the price tag on its shares that is raising eyebrows.

Hermes stock hit a new seven-month high this week — the highest level since it spiked above 200 euros a share after French billionaire Bernard Arnault shocked the luxury world by scooping up 20 percent of its stock.

May 31, 2011

CD&R-led group to buy France’s Spie for 2.1 bln euros

PARIS/LONDON, May 31 (Reuters) – A group led by Clayton
Dubilier & Rice (CD&R) agreed to buy French engineering group
Spie in a deal valuing it at 2.1 billion euros ($3 billion), in
the biggest French leveraged buyout since the 2008 financial
crisis.

French private equity group PAI Partners, which said in
March it was considering a possible sale of the electrical and
mechanical engineering firm, confirmed a deal to sell it to a
group also including a unit of French insurer AXA (AXAF.PA: Quote, Profile, Research, Stock Buzz)
and Canada’s Caisse des Depots du Quebec.

May 30, 2011

LVMH denies attempts to destabilize Hermes

PARIS (Reuters) – LVMH (LVMH.PA: Quote, Profile, Research, Stock Buzz), the world’s biggest luxury group, said it wished to remain a long-term shareholder of Hermes (HRMS.PA: Quote, Profile, Research, Stock Buzz) and rejected allegations it was trying to destabilize its smaller luxury rival.

LVMH was replying to comments made by Hermes Chairman Bernard Puech who called on LVMH to halve its 20 percent Hermes stake and said Hermes had been the target of “incessant attacks” in an interview published in Le Figaro on Monday.

May 30, 2011

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.”

May 30, 2011

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.”

May 26, 2011

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.

May 11, 2011

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.

May 11, 2011

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.

    • About Christian

      "New York-based editor in charge of banks, exchanges, insurers, asset managers and hedge funds coverage as well as separate team that reports on mergers and acquisitions. Previously led aerospace and defense team, also in New York. Was initially hired by Reuters in Milan, where I covered banks and insurers. Before that I was at Bloomberg for 8 years, including a 3 year stint in Sao Paulo."
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