Battle for Gucci takes a legal turn
Friday 09 April 1999
Gucci's supervisory board deemed "unacceptable" LVMH chairman Bernard Arnault's insistence that the $85 a share offer only be put to independent shareholders and that if more than 50 per cent accept, Gucci should issue enough new shares to give him control. LVMH wants the condition to get around the 42 per cent stake bought by rival Francois Pinault last month.
Gucci insisted LVMH could win even with the Pinault holding and was effectively asking Gucci to hand Mr Arnault control of the company on a plate.
Analysts said it was unlikely the battle would be resolved before a court hearing on 22 April at which an enterprise tribunal is expected to launch an investigation into the Pinault deal. "They just don't want to sell to LVMH," said one.
- 1 Australia to impose 24-hour curfew on all cats to protect endangered species
- 2 The difference between a psychopath and a sociopath
- 3 Black and ethnic minority people twice as likely to be hit by Tory cuts than white people, report finds
- 4 Walter Palmer: Cecil the lion killer revealed to be American dentist
- 5 What TripAdvisor users think of 16 of the world's most popular landmarks
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn – or a return to a Labour government
Labour leadership contender Jeremy Corbyn says 'we can learn a great deal from Karl Marx'
I am the Jeremy Corbyn supporter that many will tell you doesn't exist
Public anger after French sunbather beaten up by gang for wearing a bikini in Reims park
Labour leadership: New poll shows party is now even 'less electable' than under Ed Miliband
Labour leadership contest: I would never quit the party, says Liz Kendall
iJobs Money & Business
£45 - £55k DOE: Guru Careers: A Financial Controller is required to join a suc...
£12500 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£22500 - £24500 per annum: Recruitment Genius: Inbound and outbound calls with...
£18000 - £40000 per annum: Recruitment Genius: This fast growing Insurance Bro...