French luxury giant LVMH Moet Hennessy Louis Vuitton has announced that it will give up its $7.5 billion share in Hermes International. LVMH had acquired Hermes through equity swaps.
The announcement comes after a four-year legal battle between the two companies. The LVMH stake, which accounts for 23 percent of Hermes, will be distributed to LVMH shareholders by Dec. 20.
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