Louis Weedon Holdings Of Hermes Shares To 22.28%

French finance

The communique said that the French Financial Market Authority received a statement from Louis Weedon 19 days ago.

The group said in its statement that it had purchased about 0.88% of Hermes's shares through its controlled enterprise on the 15 th of this month, thereby increasing its holdings of Hermes shares to 22.28% and gaining 16% of the voting rights accordingly.

Louis Weedon said the group is aiming at "long-term strategic investment" and plans to increase its holdings based on actual conditions and market changes.

In October 23rd of last year, Louis Weedon unexpectedly announced that he had purchased 17.1% Hermes shares and then increased his holdings to 21.4%, becoming the largest single shareholder outside the Hermes family heirs.

Patrick Thomas, chief executive of Hermes and chairman of the board of supervisors Bertrand Pies said he did not want Louis Weedon to join the group.

The Hermes family inherited 73.4% of the group's holdings, but the single heir held no more than 5%.

On the 14 th of this month, the Hermes family successor announced the establishment of a holding company, bringing together about 50.2% of their shares and freezing it for 20 years, while giving priority to 12.3% of the other shares.

The move is aimed at countering possible further acquisitions by Louis Weedon.

Louis Weedon is the world's largest luxury group and owns more than 50 internationally known luxury goods.