LVMH fined 8m eurOover Hermes stake-building

France’s markets watchdog AMF on Monday fined luxury-goods group LVMH 8 million euros (HK$80.9 million) for failing to properly disclose its stake-building in rival Hermes before 2010.

While not as high as the maximum 10 million-euro fine that could have been imposed, the ruling comes as a victory for Hermes - the 175-year-old maker of Birkin and Kelly handbags - in its fight to punish LVMH for secretly building up a its 14 per cent stake, which was later raised to 22.6 per cent.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1273750/lvmh-fined-8m-euroover-hermes-stake-building