Gucci wins the right to buy YSL

GUCCI, THE Italian luxury goods group is preparing to buy the French fashion house Yves Saint Laurent from its owner, Francois Pinault, for $1bn, after a Dutch court said the $3bn alliance between Gucci and Mr Pinault could go ahead.

The deal could take place as early as next month.

Yesterday's ruling by the Enterprise Chamber of the Amsterdam Court of Appeals is a crushing defeat for Bernard Arnault, the chairman of LVMH, the luxury goods group, who had asked for a full investigation into the actions of Gucci management in agreeing the sale of 42 per cent of the company to Mr Pinault, thereby thwarting his own, earlier attempts to get control of the group.

The court did, however, rule that an earlier blocking manoeuvre - the issue of new shares to an employee stock ownership (Esop) plan in order to dilute Mr Arnault's 20 per cent stake - was illegal and ordered that it be struck out.

Domenico de Sole, the Gucci president and chief executive officer, hailed the decision to allow the group's alliance with Mr Pinault's company, Pinault Printemps Redoute, to go ahead. "[The decision] will provide a powerful platform for Gucci's transformation into the world's leading multi-brand luxury goods company," he said.

Despite yesterday's setback, Mr Arnault nevertheless vowed to continue his battle, claiming that the court had stated that the issue of shares to Mr Pinault's company was "a violation of Gucci's obligations under Dutch law to act reasonably and fairly towards its shareholders".

He yesterday ruled out a full bid for Gucci and immediately filed a fresh action to strike the Pinault stake with the Amsterdam District Court.

Mr Arnault's statement will disappoint minority shareholders who have been caught in the crossfire in what has become an increasingly bitter and personal feud. The Gucci board has said it will recommend an $88-a- share offer for the company provided it is made as a full offer for the entire share capital of the company and without strings attached, something Mr Arnault has persistently refused to do.

Mr Arnault said that it would offer minority shareholders, excluding Mr Pinault, $91 a share, or $85 a share for all shares, provided Gucci accepts conditions which he says are necessary for a bid to succeed, but which Gucci insists are unacceptable.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....

Recruitment Genius: Compliance Manager

£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...

SThree: Talent Acquisition Consultant

£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...

Day In a Page

John Palmer: 'Goldfinger' of British crime was murdered, say police

Murder of the Brink’s-MAT mastermind

'Goldfinger' of British crime's life ended in a blaze of bullets, say police
Forget little green men - aliens will look like humans, says Cambridge University evolution expert

Forget little green men

Leading evolutionary biologist says aliens will look like humans
The Real Stories of Migrant Britain: An Algerian scientist adjusts to life working in a kebab shop

The Real Stories of Migrant Britain

An Algerian scientist struggles to adjust to her new life working in a Scottish kebab shop
Bodyworlds museum: Dr Gunther von Hagens has battled legal threats, Parkinson's disease, and the threat of bankruptcy

Dying dream of Doctor Death

Dr Gunther von Hagens has battled legal threats, Parkinson's disease, and the threat of bankruptcy
UK heatwave: Temperature reaches 39.8 degrees on Central Line - the sweatiest place in London

39.8 degrees recorded on Tube

There's hot (London) and too damn hot (the Underground). Simon Usborne braved the Central line to discover what its passengers suffer
Kitchens go hi-tech: From robot chefs to recipe-shopping apps, computerised cooking is coming

Computerised cooking is coming

From apps that automatically make shopping lists from your recipe books to smart ovens and robot chefs, Kevin Maney rounds up innovations to make your mouth water
Jessie Cave interview: The Harry Potter star has published a feminist collection of cartoons

Jessie Cave's feminist cartoons

The Harry Potter star tells Alice Jones how a one-night stand changed her life
Football Beyond Borders: Even the most distruptive pupils score at homework club

Education: Football Beyond Borders

Add football to an after-school homework club, and even the naughtiest boys can score
10 best barbecue books

Fire up the barbie: 10 best barbecue books

We've got Bibles to get you grilling and smoking like a true south American pro
Wimbledon 2015: Nick Bollettieri - Junk balls and chop and slice are only way 5ft 1in Kurumi Nara can live with Petra Kvitova’s power

Nick Bollettieri's Wimbledon Files

Junk balls and chop and slice are only way 5ft 1in Kurumi Nara can live with Petra Kvitova’s power
Ron Dennis exclusive: ‘This is one of the best McLaren teams ever – we are going to do it’

‘This is one of the best McLaren teams ever – we are going to do it’

Ron Dennis shrugs off a poor start to the season in an exclusive interview, and says the glory days will come back
Seifeddine Rezgui: What motivated a shy student to kill 38 holidaymakers in Tunisia?

Making of a killer

What motivated a shy student to kill 38 holidaymakers in Tunisia?
UK Heatwave: Temperatures on the tube are going to exceed the legal limit for transporting cattle

Just when you thought your commute couldn't get any worse...

Heatwave will see temperatures on the Tube exceed legal limit for transporting cattle
Exclusive - The Real Stories of Migrant Britain: Swapping Bucharest for London

The Real Stories of Migrant Britain

Meet the man who swapped Romania for the UK in a bid to provide for his family, only to discover that the home he left behind wasn't quite what it seemed
Cheaper energy on the way, but it's not all sunshine and rainbows

Cheaper energy on the way, but it's not all sunshine and rainbows

Solar power will help bring down electricity prices over the next five years, according to a new report. But it’s cheap imports of ‘dirty power’ that will lower them the most