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Hermes family shareholders vow to keep control

Family shareholders of Hermès International said they are determined to maintain control of the company, the Wall Street Journal reported. But according to the report,

larger rival and shareholder LVMH Moët Hennessy Louis Vuitton SA sought to portray itself as a legitimate -- though not passive -- shareholder at Hermès's annual meeting.

The Journal report noted that in an interview with French daily Le Figaro, Bertrand Puech, who heads the limited partnership that controls Hermès, "called for LVMH to sell half of its more than 20% stake in Hermès and said that Hermès was the victim of attacks."

But Mr. Puech used the shareholder meeting to offer somewhat of an olive branch, saying: "A new era is now opening." Other Hermès family members said that the company should look to the future. 

(Source: Wall Street Journal, May 31, 2011.)

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