Legal enquiry reveals Nicholas Puech-Hermes helped LVMH raise its stake in Hermes
According to the report released by AMF (France’s Control Authority for the Stock Exchange), it was Nicholas Puech-Hermes, a member of the Hermes family who helped Bernard Arnault build up his shares in Hermes. Nicholas Puech-Hermes sold stocks worth 8,8 million euros to the mandated banks by Bernard Arnault, sale which was critical for the equity swap which allowed LVMH to continue increasing its stake in Hermes.
The transactions were handled by Eric Freymond, owner of Semper Gestion based in Geneva, a company already heavily fined by the AMF in 2009 for the ‘Affelou’ deal. Certain shares were transfered directly by Puech to Dilico an ad-hoc company whose legal representative Alexandre Montavon works for LVMH as well as for Semper Gestion.
The report by the AMF suggests that Bernard Arnault’s moves were intentional and strategically prepared, contrary to Arnault’s recent statement that LVMH built up its stock in Hermes with no intention and it all happened by chance. The investigation conducted by the AMF was intentionally delayed by Puech’s refusal to be interogated.