Hermès family draws up takeover defence

The 60 family shareholders of Hermès, the luxury-goods group famous for its silk scarves and leather bags, spent Friday working on a defence against any future takeover bid by rival LVMH.

Shareholders met to discuss how to sell shares without diluting the family's 73 per cent stake. They fear that any members cashing in their shares could make stock available to LVMH, which recently built a 17.1 per cent stake in Hermès.