Hermes heir takes aim at LVMH's Arnault in missing shares civil lawsuit, court document shows [BNN Bloomberg (Canada)]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: BNN Bloomberg
The lawsuit marks the first known legal challenge by Puech, 82, against Arnault and LVMH LVMH.PA, and comes more than a decade after LVMH stunned France's business establishment by quietly amassing a 23 per cent stake in Hermes, triggering one of the most bitter corporate battles in French stock market history. Puech says his Hermes shares changed hands without his knowledge years ago. Reuters could not verify when, or at what price, the shares were sold. The 82-year-old heir, a great-grandson of Thierry Hermes, who founded the luxury group in 1837, declined to comment through a spokesperson. His French lawyer Frederic Menges declined to comment, citing ongoing proceedings. The civil lawsuit, lodged at the Paris judicial court on May 15, puts the estimated value of 6 million Hermes shares once belonging to Puech at around 14 billion euros ($16.26 billion) in today's money, according to excerpts from the document, which has not been made public. The first hearing in the civil
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