LVMH Will Be Formally Investigated for Sneakily Purchasing Hermès Stock

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LVMH president Bernard Arnault. Photo: AFP/Getty Images

French stock market regulator AMF is probing LVMH for its purchase of a 17.1 percent stake in Hermès, which caught Hermès by surprise when it was announced last month. “An investigation will be launched covering stock movements and the terms of this entry,” said French regulator Jean-Pierre Jouyet. A spokesperson for LVMH said they expect the probe to show that they respected market rules during the purchasing process. [FT]

Earlier: Hermès Tells LVMH ‘to Withdraw’