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.
LVMH and Hermes released a joint statement that Hermes' executive chairman, Axel Dumas, and LVMH's Bernard Arnault — who is France's richest man — "both express their satisfaction that relations between the two groups, representatives of France's savoir-faire, have now been restored."
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