The holding company H51, set up to defend Hermes International (RMS) SCA against a possible takeover, will meet before shareholder meetings to determine how it will vote its majority stake, as the Hermes founding family did before H51’s formation, Le Figaro reported today, citing an interview with H51 President Julie Guerrand.
The risk of a share price drop doesn’t concern the family because they aren’t interested in selling their shares, Guerrand said, according to Le Figaro.
Relations between Hermes and LVMH Moet Hennessy Louis Vuitton SA (MC) have improved since LVMH announced in October 2010 that it had acquired a stake in Hermes, Le Figaro said, citing Bertrand Puech, who heads the family. Still, their philosophies are “totally different” and H51 wants LVMH to exit, Puech said, according to the newspaper.
Hermes Chief Executive Officer Patrick Thomas has three years before retirement and while his successor needn’t be a family member, the appointment will be decided by the family, the newspaper cited Puech as saying.
